In the end it comes down to skill, lighting and post production, after a certain price point compatibility of items for desired effect is more realistic a factor than the price point itself..my numbers were for the most part, simply to put it in perspective. I have seem some amazing work done with just an Iphone, comparable or even in some cases surpassing that of a normal rig...you can youtube search for examples. In fact for slow motion video you cant get on par with a new iphone, until you hit studio level recording gear.
I certainly agree, if you need quality photos for luxury home listings or whatever, you may certainly get better value out of hiring a "guy" for a hour...
But if you want to dabble in amateur video/photography and or spruce up the quality of your quick pics, you cant go wrong with an iphone (and a cradle, and a lens, and several lighting options, and a class, and a book, and a desire to learn the skill)