Interesting article in Wired about the demise (past or coming) of various gadgets at the hands of the smart phone (by which they mean the iPhone, and other devices like it). I buy the idea of the PDA having been killed off, and the ultra-light category of PCs (below the NetBook category). However, I'm not so sure about the death of the stand alone mp3 player, or of the notebook. I see a lot of people out jogging with small iPods (Nanos and Shuffles, mostly) - the full size iPod is too big for that, much less the iPhone. There is a scale factor to consider - when I'm jogging, or lifting weights, I don't want an enormous thing strapped to my arm :)
Now with regard to notebooks - that all depends on what you plan to do.  A decent size screen is still useful for work, and having a usable keyboard is nice too.  If I only carried an iPhone, I think I'd cut out a decent percentage of the things I do with a laptop.  
Having said that, there's another gadget that's being killed off by phones: the watch.  I see fewer and fewer of them around, and the reason is simple: you phone always knows what time it is, and you always have it on you.  Why do you need a watch when you have the phone?