We’ve just posted an interesting collection of comparison photos taken with the iPhone 4. Similar to the comparison videos we posted last night, in which we compared the device’s 720p video recording against that of a standalone, pocket-sized solution—in that case, the Flip Ultra HD—this time we’re pitting the iPhone 4 against Canon’s well-received PowerShot S90. And the results are… surprising. In a number of photos taken outdoors in good lighting, the iPhone 4 produced results that went toe-to-toe with the S90’s when viewed at 50% magnification. At 100%, the enhanced detail of the S90’s 10 Megapixel shots became obvious, but for smaller prints, and especially for web use, the two cameras were far closer than ever could have been expected, even in macro and depth of field abilities.

Notably, the iPhone 4’s camera displayed a tendency to slightly oversaturate colors compared to the Canon’s more level output; but it wasn’t a deal-breaker, and with greater access to the iPhone’s camera promised in iOS 4, it shouldn’t be long before apps offer fine-grained control over such exposure settings allowing more experienced photographers to overcome any limitations posed by Apple’s default image processing algorithms. See the shots for yourself in this Flickr set, featuring full-resolution images from both cameras.