The lag is why you have to spend more on the P&S you choose, which in a way takes it up to low end DSLR range, but excludes the DSLR lenses. Having had to use an older Panasonic P&S during a recent trip, as I left the Sony charging at home by mistake, I know about lag.
It's funny you should say that about the moment being over; it was precisely that reason that I went with a P&S with a wide range optical zoom, as by the time I got the DSLR out, selected the right lens (wide or tele), and took the photo, it was over. If planned shoot, different story. Also hard to be discrete with a DSLR.
Having used the iPhone 5 for photos, and used the Sony, and also seen friends S3 and Experia Z, again the results are chalk and cheese. The lack of optical zoom and image stabilisation, as well as rear shutter sync, is a huge drawback of smartphones.
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