as has been said, it depends totally on the technical quality of the photos you hope to capture. if dynamic range, sharpness, color rendition, and the ability to make dramatic changes in focal length are important to you then a camera with a large sensor (dslr, mirrorless, even film) is still superior to a phone. the same goes for photo editing possibilities like enlarging, cropping, and color correction. when it comes to framing and composition the hardware is irrelevant; it's all about how you 'see' the world in front of the lens. there is no question that a phone is infinitely more convenient, it fits in your pocket. as for loss due to theft what will hurt more, a $5000 kit in a camera bag or a $1000 phone that is your portal to every app and contact you use while on the road? for me, given all of the above, the loaded camera bag is worth the calluses on my shoulder and the risk of it being stolen, at least for a few more years!