IMO: Absolutely not.
The limiting factor for all camera phones is the small optics: Short focal length, small sensor. In this regard the N86 is a step backwards even from previous N-series phones -- even from the N85! Whereas the N85 has a 5.4mm focal length, that of the N86 is only 4.6mm.
To compensate, and in order to avoid reducing the already tiny CCD sensor even further, the viewing angle is wider. However the fact remains that a given object a given distance away from the lens will be captured over a smaller area on the CCD sensor than in phones with longer focal lengths.
The megapixel count is also far too high. This translates to even tinier individual cells, which in turn means lower signal/noise ratio, loss of dynamic range (and susceptibility to artifacts such as blooming against bright backgrounds), "flat" colors, etc. etc.
Since you are limiting yourself to smartphones, (and I presume, ones with AT&T-compatible 3G?) - you might want to consider the Sony Ericsson U1a ("Satio A"). On the downside, it is 12MP. On the upside, it has a 5.91mm focal length and Xenon flash. It also runs S60v5.