I think it's still an issue for video. Who's buying a $1000+ "pro camera system" to record 1080p30? I'm sure the bitrates for 4K60 are still pretty high.

4K60 is 400 MB per minute. 24GB/hr.

I still use my iPhone as a Palm handheld with GSM functionality, like a glorified Treo. While I take a lot of photos, video is a rarity for me. So in my case, 1080p30 is alright.

OTOH, I also have a Sony A7iii so, I'm not confined to my iPhone for imagery if I need something really high quality.

People who want to take high quality pictures and don’t really care about video.

32GB of video at 4K is still ~2 hours of video at 30fps. I take a fair amount of pictures, but I don’t think I have taken 30 minutes of video in the last 4 years.

The sensors may have stayed the same, but isn't it taking 3 photos now instead of 1? We don't yet know whether it automatically saves the telephoto, wide, and ultra-wide photos separately, but from the rumors I'd heard it retains them all. Perhaps this is a setting that can be changed, but it means that if you want to use the phone to it's capability, you're going to have a lot more photo storage than before.

One presentation today made a big deal about "able to record 2 video streams at once (among the 4 cameras)".

Capture rate for multiple streams is one problem. Storage space is another, solved largely by the seamless iCloud integration; get an unlimited data plan or Wi-Fi connection, and the imagery will all just migrate off the device until needed wherever.

A landscape image takes 1.5MB when compressed with HEIC[0]. Even it stores all three of them and uses a bit less compression due to better lenses and sensors, it'll be around 6MB per image. It's very efficient for the resolution if you ask me.

[0]: Inspected a fairly complex sunset shot taken with my iPhone X.