"And the colors are more accurate than any DSLR."
As much as I love my iPhone, this is complete hogwash.
Renard DellaFave: Filterstorm is also available for the iPhone, so that makes it very superior if you don't have an iPad :)
Snapseed is available for the iPhone as well.
danchoize: To the people complaining about the RAW format not being DNG:
Did it occur to you that DNG is a proprietary format by Adobe Inc. that require licensing fees by camera manufacturers?
I for my part am pretty glad that all manufacturers have their own format that comes with specific additional functionalities.
What licensing fees are you referring to?
From Wikipedia: "Exploitation of the file format is royalty free; Adobe has published a license allowing anyone to exploit DNG, and has also stated that there are no known intellectual property encumbrances or license requirements for DNG."