Camera [Q] Point and Shoot cameras still viable?

So I've been noticing a lot of Smartphones, especially the flagships have really great photos. One of my family members or maybe even me might get one of these flagships soon and it'll be nice to have that as our main camera device but another possibility is that we'll get a cheaper smartphone and a point and shoot in just around the same price as one flagship phone so...

With the cameras of current flagships such as G2/G3, S5, Note 3(excluding those types such as K Zoom, Lumia 1020), is it more cost efficient to just use that as both a phone and a camera or is it better to just buy a seperate point and shoot while getting a cheaper smartphone?

And given we'll be considering stuff like the Lumia 1020, K Zoom, would they completely make getting a point and shoot not viable altogether?

Criteria here is mostly the ability to control ISO, details, lowlight photos. This is more of a curiosity kind of question
Sony X10i - [2.3]Advanced Xperia X10i ROM+doomkernel
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Samsung Galaxy S2 i9100 - [4.2.2]NeatROM_v6.3
Samsung Galaxy S3 i9300 - [4.4.2]SOKP Milestone 1+dirtyaudiogod