Are you saying the HTC One takes "bad" photos?
On average, it doesn't. It's quite good, in fact. Not the best. But they're good. It doesn't matter if they're only 4MP - unless you judge on specs alone.
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You said that you would rather have a good 4 MP than a bad 8 MP. What higher megapixel shooter that is a "flagship" phone takes "bad" pictures for comparison? In a vacuum your statement sounds great. Until you realize that the competition takes better photos outside of possibly the Moto X, and were are talking last generation!
I did not say the One takes "bad" photos. I think the camera is however average, and if the quality and MP count is the same on this generation as the previous it borders on embarrassing. That to me will be a shame because otherwise it seems like a dynamite choice.
Also the "specs" do matter when you try to look at the photos on something other than a phone screen. Even a picture that looks great on the phone looks poor and pixelated/fuzzy when viewed on a larger screen. It's quite disappointing.
Hope I'm wrong about the camera.