As you'll see in the outdoor shots, the colors on the iPhone aren't as saturated as the point-and-shoot's. The iPhone did produce nice, crisp pictures, but had a little trouble focusing on the close up shot of flowers.
On the indoor shots, the iPhone overexposed the background some, especially with an all white background.
Overall, the iPhone is still bested by the point-and-shoot, but the iPhone is a camera you can keep with you all the time, and the pictures are definitely acceptable enough.
See the full gallery of shots here.