Collapse of the Point & Shoot Market?

INDUSTRY INNOVATION NEEDED for iPhone

Read today that the Smart phones are killing the Point & Shoot Market.  Glad I didn't invest.

We need better housings than bags to shoot underwater.  We also need good, simple, $20 rubber grips to use the iPhone single handed on land as a camera.  The iPhone is really difficult to handle one-handed as a "real camera."  $150 Iron Maiden attachments with lenses exist but are overkill.
JA