The upside of a regular-sized sensor and lens is that we don't have a bulky abomination dubbed as cameraphone, but rather a thin 8.5 mm Android smartphone with a one-piece aluminum frame and catchy glass chassis that comes in black, white and purple colors. Not only that, but the whole kit is waterproof to boot, with IP57 certification, meaning it can survive three feet of water on top of it for half an hour, like the Xperia Z, for example...
Source: http://www.phonearena.com/news/Sony-Xperia-Z1-is-here-Thin-waterproof-cameraphone-boasts-20-MP-sensor_id47052
Source: http://www.phonearena.com/news/Sony-Xperia-Z1-is-here-Thin-waterproof-cameraphone-boasts-20-MP-sensor_id47052