Having a 2 megapixel camera is pretty pointless if you only use it to put a picture of your partner on the phone's main screen, or to send multimedia messages (which reduces the quality to something like VGA quality).
However if you can get the image from the phone to an internet site like Flickr, TextAmerica, Kodak, &c, then it is worth having a 2 megapixel image, just like it's worth having a decent amount of megapixels for your regular digital camera. The higher quality is useful for displaying on a PC, or for printing the photo, and so on.
Unfortunately it's very hard to get your pictures from your phone to the internet. Email and WAP uploaders have proved not good enough for this task, and hardly anyone does this.
A new generation of software is emerging on phones though. Services like
ShoZu allow you to upload full quality images from your phone to sites like Flickr, TextAmerica, &c, in a very simple manner, and also allow editing of titles, descriptions and even tags both before and after upload. With this sort of service on your phone it really is worth having a decent camera in your phone.