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RE: When you wish you had a REAL camera with you
This is the advantage of a quality point and shot - I use a Fujifilm X70 - nominally small enough to carry with you all the time - of course the reality is more often than not I end up with only my phone camera.
I bet point and shoots are getting nice these days, but I can't imagine they give you the manual control or a decent enough lens apperature to provide much more than a phone camera. I'm thinking the big benifit over a phone could be low light performance though, but you're right: the fact is we always have our phones with us nowadays, so that's the camera of convenience.