Best phone to replace a point & shoot camera?

Sorry if this is an ignorant question, but I haven't been keeping up with android phones.

I remember when the iPhone 4s was released there was a big to do about how the camera was good enough and quick enough to substitute for carrying another point & shoot camera. Have android phones matched this philosophy?

Not only the specs on the phone, but the pictures they take and the ease/quickness of use.

Any knowledge on the matter is appreciated!