The most interesting part of this to me isn't the titanium or the camera (impressive as it looks), it's the GPU. They made a point of saying that the GPU had been completely ground-up re-designed, and I assume they're intending to keep scaling that up over the next few iterations. They didn't talk about it for very long, but that the phone is able to convincingly run AAA games, even at playable if not great frame-rat…
Most smartphones are already faster than the Switch. The quality of games on a platform is not directly related to its technical capabilities or SDK, but to the business model and platform incentives. Apple has fueled a race-to-the-bottom followed by an almost forced transition to f2p, and they benefited immensely in the process (30%), but I think that most gamers and indie devs are not satisfied.
And also (mostly) the ergonomics.
Comparing a phone whose main purpose is definitely not gaming (at least the iPhone, I know there are some gaming-first phones) to a handheld console will always make the former look pathetic for this use-case.