Yes, this is a post that isn't about smartphones. You're not hallucinating. Well, not directly about smartphones anyway...
It's been coming for a long time. As profit margins on the budget end of digital cameras got slimmer and slimmer, and as cameras in phones got better and better, it became only a matter of time. The industry as a whole is shifting in this direction now. Point & Shoot digital cameras are on the endangered species list.
Yes, there is still the one glaring feature that most phone cameras don't have: an optical zoom. It doesn't seem to matter that much, though. The big names in digital imaging are paying less attention to their budget lines and focusing more on one thing that's much harder for phone cameras to best: big sensors.
A poster child for this shift in strategy would certainly be Sony's new RX1. It's a digital camera with a full-frame sensor (the same size as a 35mm film frame) and a permanently attached 35mm f/2 lens. It's the first of its kind to my knowledge. At the $2800 asking price, it's also going to be for a very small niche.
In more reasonable territory, there's been a spate of new digital cameras rocking 1" sensors. These are a bit smaller than your typical APS-C or 4/3 sized sensors, but also quite a bit larger than your typical P&S sensor. Nikon's compact 1-series cameras use this format, as does Canon's new EOS-M. These are both interchangeable lens systems, though. Sony's RX100 is taking more direct aim at the P&S crowd, and at its $650 MSRP, it's very much in the range of most consumers.
Fast optics are also the order of the day, and another area that camera phones have a hard time competing in. Sony's above mentioned RX100 opens up to f/1.8 at the wide end, as does Olympus' XZ-1. Fujifilm's X10 starts at f/2 (and its troubled launch issues seem to have been resolved now). Granted, the latter two have smaller sensors, but those fast optics allow for lower ISOs in more situations which negates some of the issues of smaller sensors.
On top of all of this, many DSLRs and 4/3s cameras from the past few years can be found refurbished for prices at or below what these current high-end fixed lens cameras sell for, and they're still very good cameras. The size argument is starting to disappear as well. Many of these larger sensor cameras are easily pocketable, and even some of the smaller 4/3s cameras with pancake lenses will fit in a pocket.
I don't give the dedicated P&S market long. I very much think that within the next couple of years, finding them on the shelves of your local Best Buy or Wal-Mart will be very difficult.