Gadgety: The RX100 mentioned elsewhere in the comments certainly looks impressive. Still the Pureview impact is likely to be several magnitudes greater. Besides the obvious benefits of Pureview, the compactness enables future innovations.
For example, when processor power/speed is even more impressive in the phone/tablet world, I imagine that all sets could have TWO cameras for 3D/stereo HIGH QUALITY photography with incredible compactness. These things seem to impress the kids of today as they watch 3D movies and TV, so it'll come to the mobile world.
Furthermore how about if Nokia creates a Nokia mount, and adapts the Ricoh GXR concept, meaning you could buy various types of lenses (extra wide angle/telelenses/macros) with integrated sensors and a software pack that goes with each lense.
It should be achievable in WP8, I think there were similar limitations in WP7 with regard to the 16MP titan II, which they overcame with a dedicated ISP. Hopefully the same sort of thing can be done, I really want this camera, but not on a small low res screen. I'm sure MS will do what it can to get this tech on their OS as well, it would give them a huge boost to have their phone winning all the camera reviews.
ennemkay: cool, and probably a nice glimpse into the near future for iphones. too bad about the windows phone os, if true. microsoft must be paying them to use it.
Most users don't need to use desktop editing software on their phone. A WP8 device will more than cater to the needs of most users who want to be able to take fantastic shots without carrying a second device. And WP8 is a very different beast to wp7, there are some massive changes under the hood.
As for editing, there will be a variety of basic editing apps on the marketplace, but really, a phone is not the ideal form factor for full blown editing.
Also it is very unlikely that we will see one of these in an iphone due to a) the bulge on the back - apple cares about style too much to do that and b) this took nokia 5 years to develop, it's a lot more complex than it appears when explained in this article.