The VCM in the camera is to make the autofocus faster and tighter with less moving parts. In effect they use magnets to achieve linear movement rather than tiny cogs. They also act as the OIS meaning one less component to add into the lens mechanism.

The advantages of this could be a very, very close macro focus distance of less than 10mm which could capture incredible detail. The faster autofocus and better OIS might also be able to capture better night shots by using a slightly longer shutter alongside software trickery.

This could mean a major step up in phone photography in the Pro line (and maybe some manual modes, eh Apple?)