I think HTC"s "Ultrapixel" is a step in the right direction.
I just read the HTC One review. It had this to say about the Ultrapixel camera:
Strictly speaking, all those claims are true. The One does capture a lot of light, and takes surprisingly bright images (with a 16:9 aspect ratio instead of 4:3 by default, which you should change) where my iPhone 5 captured only darkness, and thanks to its optical image stabilization it can basically see in the dark and take steady photos. It's also really fast to apply filters or switch scene modes, and it shoots so fast I sometimes didn't believe it had actually taken a picture.
That sounds fine to me. I have been an iPhone user for a long time, and recently test-drove a Lumia 900 and a HTC One X. All have relatively high megapixel counts, and they produce HUGE images, even on a high-res display like the Retina MBP.
But If you have to choose between low-light performance and the mobile megapixels, I think low-light performance is the better choice. Most of the photos I take are shared and viewed on the device they were taken from. More often than not, i'm indoors, in sub-optimal to dark lighting. One-LED flash doesn't help.
The shutter speed on the iPhone is also significantly worse than the One X was.
As a result, most of my pictures are disappointing...but they're still like 4MB in size.
So, if I post them anywhere that doesn't auto-resize them (imgur, a forum, etc), they are HUGE and force people to scroll forever. Again, not ideal.
I like my iPhone 5, but i'm excited to try the One's approach.