Your precious toddler will probably prefer shots taken with a camera phone:) Once the teen years creep in they’lll appreciate the fact that no one can see a lick in the pictures.
Nevermind an eventual wedding, your kid getting hitched, and the traditional baby pictorial everybody has to suffer through. You’llll have nothing to embarrass them with.
On the other hand, when you get a proper camera (even some compact ones are perfectly capable) you can snap great quality shots that will last a lifetime.
In other words, go for the separate camera/phone.

Digital cameras are usually better for taking pictures than cell phone cameras, which have a lower resolution and lesser number of megapixels.
Plus you can usually take a video with a digital camera - with SD memory cards up to 4 GB for thirty or so dollars that’s a good deal. You can get a lot of hours of video ..
I like Canon cameras. They are faster than most but make sure to get one with an image stabilizer so that the pictures won’t come out shaky. There are a couple good Sony cameras as well - touch screen too!
You can go to cnet.com for reviews too :] Hope you find one you like

i wouldnt trust precious once in a lifetime pictures to any camera phone…none of them have optical zoom and pic quality is still inferior to even the cheapest entry level camera. as long as your kid is not running around and your majority of pics will be stills…get a camera such as the inexpensive canon a590is and leave your cellphone to making calls and taking caught on cam emergency pics.