I think this is great news. The more we can do with generic devices like smartphones that can run 3rd party software, the more creative options open up to us. Some purists are married to using large sensors to get "real" depth of field control, but I say that once it can be simulated to the point of not being able to tell the difference, we'll all be free to use smaller, lighter gear with fewer expensive accessories. Will this camera be indistinguishable from a full frame camera with a 50mm f1.4? Probably not--but it's getting excitingly close!
I'm not an Apple user as I don't like their closed ecosystem, but good for them for pushing a little farther into pro imaging quality with iphones.
Yeah since apparently it's physically impossible to make a ProRes encoder that is smaller than a Ninja V.