A few weeks ago the Chicago Sun-Times fired its photography staff and replaced them with reporters doing double-duty with iPhones. Here's an example of the result:
Above: The Chicago Sun-Times front page after the Blackhawks won the Stanley Cup.
Above: The Chicago Tribune's front page on the same day.
I'm not saying that the iPhone doesn't include a great camera, it does. I'm just saying that it's no replacement for a real camera when it comes to print journalism.