It actually does have a real 41MP sensor which is much better then most of the cheap point-and-shoot consumer photo cameras you see everywhere. It is a better camera then most of the point and shoot cameras you can buy today, however, for the price of 400 british pounds you can buy an entry level DSLR camera (with a 3/4" sensor and proper glass lens), which will beat the hell out of ANY point and shoot camera, including this nokia thing.
What does it mean?
It means that even though this phone is a decent camera, it is an overpriced point-and-shoot camera with a phone function. Better buy a DSLR camera for the same money, or a much cheaper point and shoot.
I think this is a FAIL by nokia. I don't see any practical use for this. Most people don't need good picture quality anyway and are happy with the crapy £100 point and shoots, and those who do need great quality, will buy a proper DSLR. So I just don't see why someone would like to buy this thing.