If you have any doubts about achieving high quality production values with a mobile device, watch this movie. The movie, shot using an iPhone, was directed by Conrad Mess.
The version featured here was edited down to 3:00 to qualify for the 2012 Mobil Film Festival, which it won! The video gives you plenty to think about including special effects, make-up, location, acting, and voice over.
You can see the longer (7:16) version below.