Yes, a dedicated camera will probably take a better picture than the small lens and image sensor of a smartphone, but it will not be that much better. And a point-and-shoot has limitations of its own. It is hard to share photos until you have transferred them to your computer, and there are no apps for cameras, as there are for smartphones, that allow you to quickly apply cool filters and treatments to the shots you took. Perhaps most important, a camera may or may not be close by when a photo-worthy moment arises, but its very likely that your phone will.
Camcorders get squeezed at both ends of the video spectrum. On the low end, smartphones can capture video, and while it may not be Imax quality, many people do not care. At the high end, new digital S.L.R. cameras (like Canons EOS Rebel T1i, which costs around $750 with a lens) can shoot full-HD video while taking advantage of all the interchangeable lenses that were created for still photography. That camcorder you have now is probably the last one you will own."