As good as a dSLR - no, you are right, phones are not there yet, not even the fancy new 8mp ones coming out.
I consolidated recently too. After buying my new mobile I now
use that to watch videos, listen to music and make calls (plus
browse the web, email and use the built-in PDF/MS Office
viewer). It's lighter than my Creative Zen Vision and the
older Nokia I had. The sound quality is pretty good too,
with sound playback by Yamaha. The 3.2Mp camera
is pretty average and not as good as the cheaper point-and-shoot
models but it has a bar code reader.
I guess consolidation rocks