So I think the Iphone now costs more than the new replacement price of my K3.
Photographic and video features are amongst the marketing points for high-end phones, but are far from everything that ones gets for the price. For one thing, recent testing suggests that the A11 processor in all this year's iPhone models is faster than many entry level laptop processors from just a few years ago. So maybe price comparisons should be smart-phone vs:
cheap basic laptop — for those whose personal use is mostly "communication": web browsing, email, photo-video viewing and minor tweaking, Skype or other video chat tools, simple note-taking and check lists with apps like Apple's Notes and Reminders or Microsoft's OneNote.
plus
basic compact camera — for those who just do snap shots and simple video clips.
plus
PDA (remember those?)
plus
basic mobile phone — one that just does phone calls and text messages (the cheapest part of the kit!)
I wonder if there will soon be a market for smart-phone docking solutions (wireless?) to replace low-end home computers: connect wirelessly to a large screen and full keyboard, along with cloud storage etc.