I don’t think news departments are going to toss out all their full-sized cameras, but for ‘breaking news’ quick, dirty and mobile is most likely going to win the day more often than not. If, for example, a reporter gets to the scene of a fire before the camera truck I wouldn’t be surprised to see live reporting courtesy of the iPhone’s FaceTime function.
Of course as a single journalist is required to do more and more what is going to suffer? If a reporter is tasked with setting up the gear, making sure all the devices ‘see’ each other and that the up-link is stable will they have less time to asses the scene and find the story? I don’t know, but as they saying goes, “there’s no such thing as a free lunch”.