Not to mention the optics aren't good enough to even start worrying about megapixels. The tiny lenses don't have enough resolving power to make use of even 5MP, and the light gather power is such that you can barely take pictures if you aren't outside (but that's just because I don't like the washed out bluish look of the LED flash).
As point of reference, 5MP means 5 megapixels which is 5 million pixels. Your 50 inch 1080p TV has 1920x1080 pixels which is only 2,073,600 pixels. This shows two things: MPs don't mean everything (obviously your TV still looks awesome) and the phone doesn't take advantage of the CCD chip's full power (think about how bad a 5 or 8MP cell phone picture looks on a huge display like that even though it is higher resolution). I'm pretty sure the only reason cell companies put these chips into phones today is because the bigger number sucks in customers.