Well, this camera's spiritual predecessor, the 808 seemed to shoot high megapixel images just fine. The Verge's 100% crops of the 34MP images look fine to me.

http://www.theverge.com/2012/6/25/3113460/nokia-808-pureview...

edit: DPReview gave the 808's camera and IQ a glowing review also. http://www.dpreview.com/articles/8083837371/review-nokia-808...