I think that became true once cheap P&S digital cameras started having decent low light performance. Fast lenses and cheap P&S cameras were not a common combination. High end phones now often have multiple cameras with different focal lengths, - not just multiple lenses, multiple cameras. Or maybe more accurately, multiple sensors. That was one area where a P&S might have been better in the past, - an optical zoom. But in the end I don't think young people are snapping up these old film P&S cameras for their picture quality or because they think it makes them real photographers. I think they like the fact that the pictures often aren't perfect and sometimes don't turn out at all. And I remember that too. I distinctly remember my brother getting back some pictures he'd taken while snorkeling in Hawaii. He didn't realize how close he had to get to something (like a fish) for it to show up in an underwater photo. He had print after print of almost solid blue. I still tease him about it thirty some years later. Not sure I agree about an LCD screen. It has its pluses put there's plenty of times I prefer a viewfinder. And I find a phone to be much worse ergonomically.