"Very large sensors" also seems to means something different to you than it does to me. I would not want a full frame sensor (which I would only consider large, not even "very large") on my phone even if it were cost effective and didn't require a large lens.

Eventually we will be reconstructing high quality photos from raw sensor data, applying all manner of algorithms to stabilize and accumulate brightness, stylized blur that isn't even optically possible, no shutter or lense or any moving parts really, and the whole thing will happen on your smartphone.

Based on the use of Foveon sensors and light field tech from Lytro I wouldn't count on lens less cameras showing up in a phone in the next five years. A decade wouldn't surprise me but it's hard to predict tech trends that far out.

I'm not particularly bullish on lensless cameras either. I hope I'm wrong, but I don't expect those to meet modern quality standards in a small form factor for a long time.

Of course, taking pictures of something in motion will be harder.

(He later added a lens, to simplify the process, but even without you get fairly good images with a pinhole.)