When the latest iteration of Apple’s iPhone was unveiled at their Worldwide Developers Conference, they were quick to mention the overhaul they gave to the smartphone’s camera, which is now 5 megapixels, and offers many other performance upgrades over its predecessor.

Macworld conducted a number of performance tests comparing the capabilities of some of the latest smartphones. These included the iPhone 4, the 3GS, the Droid X , Samsung Galaxy and Hz35W, and the HTC Evo 4G. They also included some entry-level point and shoot cameras from Sony and Samsung for comparison. Images and videos were both compared, and were judged in a blind evaluation to ensure their was no bias present in the evaluation.

Not surprisingly, the point and shoot cameras performed the best for taking still images. The new iPhone 4 placed third, performing the best out of the pack smartphones in the test group, even though some of the other phones had a higher megapixel count.

When it came to the color and exposure categories, Apple’s iPhone 4 beat out every other device, even besting the point-and-shoot cameras. However, when it came to the sharpness and distortion tests, the iPhone performed significantly worse than the point and shoots, performing pretty similar to the Droid X in the category.

The iPhone 4 also topped all the other smartphones and the regular cameras in the video category. It is capable of shooting in 720P resolution at 30 frames per second. The iPhone 4 didn’t do as well in the audio category, performing about the same as the Droid.

When it came to the file size of recorded videos, the iPhone also performed very well, with files that used less than half the space than the files on the Droid X. This was due to Apple’s use of the H.264 compression to achieve smaller files sizes.