This iPhone 12 Pro upgrade has made me put my MILC gear all up for sale. "The best camera is the one you have on you" yada yada.. As others here have pointed out, you can still take a better photo with a DSLR/MILC and nice glass and unlimited time to fidget with your gear, but for the size and convenience, this iPhone comes way too close. For me it easily outweighs the burden of a bulky, expensive, fragile DSLR (I am also embarrassed to haul a DSLR to a wedding or party).

There are also a bunch of software features on the iPhone that are actually more ergonomic than on a dedicated camera, and help me catch the shot I want. Live Photos, burst, pinch zoom, tap to focus (on a legit screen, not on those poor excuses for touch UIs on cameras). Instant switching between video/still and lens modes. Basically everything is auto and It's point and shoot in any situation.

If I am to boil the whole thing down I would say the iPhone's camera makes my MILC feel antiquated and 90% of the time I'll be catching better photos on the iPhone 12.