AnandTech provides quite a bit of technical detail (more than I claim to understand), concluding thus:
Overall the improvements to the 5S camera system are very positive and I’m very happy to see Apple going the direction of bigger pixels rather than marching down the pitch size roadmap and trading off sensitivity. Larger pixels and bucking that trend is absolutely positively the right direction to go. If Apple went the other way I’d start getting concerned about the camera team over there. Obviously the choices made in the 5S do a lot to put me at ease and reassure that there’s still some sanity in the smartphone imaging space.
John Carey on Fiftyfootshadows gives a more philosophical take on what this means for the future of photography:
The way I see it photography as a craft and as an art form will only end up growing stronger. The approach Apple has taken in their camera technology has no place in the pro or enthusiast world of photography outside of being exactly what it is, a great snapshot camera. The essence of the craft and the art of using the fundamentals of exposure combined with great glass and continued excellence in design will have plenty of room to flourish among casual shooters in the exact same way it does today. […] The future is as bright for photographers as it has ever been and the new ideas and technology laid in place by Apple could end up helping the pro market as far as I’m concerned.