While you won't want to ditch the SLR or point and shoot, the Optrix HD Sport waterproof case transforms your iPhone 4, 4S or iPod Touch into an action sports camera.
Via: Photography Blog
While we're talking iPhone, I just picked up an Olloclip lens kit. The Olloclip is a slick quick-connect lens for the iPhone 4/4S that includes fisheye, wide-angle and macro lenses in one small, convenient package that easily goes on and off your phone.
Here are some hipster instagram shots taken with the macro and fish eye, works in video mode too.