The iPhone has shown in the past it can be used if need be to replace DSLRs, and also pricey video cameras for filming. However this example from French photographer Phillippe Echaroux is the most convincing I’ve seen (via Mac4Ever). He ditched his expensive kit, including lighting and studio, and replaced it with an iPhone and 10 euros to take the portrait below.
Echaroux decided to buy a light from IKEA with the latter, which worked incredibly well. I’m no expert but for me the result is as professional as you’re ever going to get.