A phone does awesome on all of them, but sure there are better devices out there. That's not the point of a range-topping smartphone though, the point is that it can and does do everything. It's not supposed to be the best at anything, it's supposed to pack an incredible array of functionality into a tiny little handheld machine.
Sure a 55" plasma TV is better for watching episodes on, but I tend not to have it on me at all times. Of course a professional DSLR camera will take better photos and a gaming PC with 2 graphics cards is better for gaming on. So your argument is that we should all just buy those R100 phones at PEP and carry around a full camera kit, calculator, torch, gaming desktop PC complete with monitor, home theater system, scientific calculator, bookshelf, piles of CD's and DVD's, barometer, thermometer, standalone GPS unit, radio AND a portable power station complete with coal supply to drive all those bad boys just because "those devices can do it better"?