My 4s has replaced the need to worry about taking a camera at all to most places when out with the family, the quality is more then good enough in typical* conditions, and it saves having to lug my DSLR around unless i want to take an extra nice image.
Was actually considering a good compact for this, but tbh the 4s isn't far enough behind to make it worth while.
* Meaning not too dark (due to weather or night)