That's too general of a comparison, though. A camera phone will not have the same functionality* as a compact point and shoot camera. But a compact P&S camera won't have the same functionality as a larger P&S with, say 35x optical zoom. And that camera won't have the same functionality as a DSLR.
There is usually a tradeoff between cost, convenience, and functionality, and for most people, functionality is just one aspect of a camera. You can buy a Nikon D3X for $8,000 and get tremendous functionality. But you also get a very expensive somewhat cumbersome camera.
Or you can buy a Canon SX30 for $500 - much smaller than the Nikon, but with reduced functionality and picture quality, although a 35x (optical) zoom. But it's not pocketable, and it's $500.
Or you can buy a Canon elph/ixus for $200. It is pocketable and has 5x zoom, but still has reduced picture quality and functionality compared to the above cameras.
Or you can buy a cell phone with a decent camera, like an iPhone. Cost is essentially 0, and convenience is very high, since you will probably almost always have it with you. But there's no optical zoom, and picture quality and functionality are lower than the above cameras.
But because functionality/price/convenience are on a scale, there is no reason to treat camera phones as a completely different animal than a dedicated camera. They are simply a camera with a different place on the functionality/convenience/price scale. Good photographers have managed to take excellent pictures with camera phones, for example
http://www.photoble.com/photo-inspir...n-apple-iphone
*While camera phones generally have reduced functionality when compared to dedicated p&s cameras, there are two exceptions: (1) the ability to instantly e-mail your picture to anyone; and (2) the ability to use certain software filters as you take a picture (i.e., Hipstamatic, Tilt/Shift, HDR, etc).