There's a saying, now a cliché, that the best camera in the world, is the one you have with you at the time you need to take a picture. That means that sometimes your phone is the best camera in the world because it is the only one with you. Other times you are planning to take photos and you will probably take the biggest and best that you have.
As for me, apart from my blackberry cellphone, which takes nice pictures as long as you don't try to blow them up much, I have an Olympus Micro 4-3 camera (E-PL2) which gives me interchangeable lenses in a small package, with almost all the functionality of a full-sized D-SLR. I also have a waterproof point and shoot, which doesn't take as nice pictures, but that I can take anywhere because it's small, rugged, and can be taken out even in the pouring rain.
The reality is that most of taking a picture is in your head, so if you can figure out how to take the picture with the camera you've got with you, you have the right camera. If you're thinking about depth of field or shutter speed lets hope you don't have a camera phone or low-end point-and-shoot in your hand.