Amazing Shootout:
http://blog.gsmarena.com/nokia-808-purevie...-38mp-shootout/

It's clear how bad iPhone4S performed and the CNET editor claims it's the King of Camera Phone (instead of N8?). It goes to prove further that most people don't look into the details and just see the small size on screen as long it looks punch, contrasty and colorful (without knowing these can be easily enhance if needed).

[attachmentid=2901593]
Image Resize to 15% from 38MP.

[attachmentid=2901595]
Image Resize to 15% from 38MP.

[attachmentid=2901597]
Image Resize to 15% from 38MP.
One thing to note though, at high megapixel like 34MP or 38MP, you need really steady hands as slight shake and movement can easily cause blur. You may not see it until you zoom in to 100% you may notice even very very minor shake.
But once you resized it down to smaller megapixel, these minor shake is not obvious anymore.