Nokia is behind Apple in overall cameraphone user experience and that's what matters! Sure Nokia is still king when it comes to technology as Damian pointed out (f2.2 on N9, 12 megapixels on N8, Xenon flash on N8, the size of the sensor and microphone technology) but in terms of overall cameraphone experience, I believe with the iPhone4S, Apple has passed Nokia.
It doesn't matter how great the cameraphone technology is if the overall cameraphone user experience isn't great!
Overall cameraphone user experience = great image quality + great cameraphone apps that take advantage of that image quality like Slow Shutter, Camera+, Pro Camera and a dozens of other great iPhone-only cameraphone apps that don't exist on Nokia cameraphones at the moment; Nokia is now severely lacking in great cameraphone apps and falling behind in video cameraphone technology. That's the lesson of Steve Jobs and Apple I think, great user experience trumps the technology no matter how great the technology underneath.
And nothing lasts forever; I believe Apple could be dethroned in overall cameraphone leadership and I believe you, Damian :-) and your team's great cameraphone technology combined with Windows Phone 7 Metro UI or a post Meego user experience and developers that develop great cameraphone apps on top of this great user experience could dethrone Apple. I'm rooting for you and for an ecosystem of great cameraphone apps to develop in the future for Nokia; after all Apple cameraphone users can't have all the awesome cameraphone app experience forever to themselves :-) ! Competition will re-assert itself :-)