It has been accepted fact for a while, I think, that cell phone cameras are eating away at the P&S market and will continue to do so as technology narrows the capability gap between phone cams and P&S. This has led some to speculate that all of the camera manufacturers will be in trouble to some degree as they lose profits from their most mass-marketable products. Here's a different theory. In the pre-cell phone cam world a given number of people (let's say it's X) purchased and used P&S cameras. Today the number of people using phone cams has far exceeded X (by magnitudes). The camera makers are losing sales rapidly, but they are gaining people who take photographs to the pool of prospective customers. Those folks are much better potential long term customers than people who have never had a desire to take photos. Is there a chance that a significant number of "new" photo takers will seek better quality photos and more capable gear? In 5 years might we see more people with "good" cameras, be they ILCs or higher end fixed lens cams, than we see today? Wishful thinking I imagine. More than likely phone cam tech will keep improving and remain "good enough" for all but the photo-geeks, but I'm trying to imagine a future where we aren't in the same box as those still playing vinyl records on turntables (not that there is anything wrong with that).