"Does the €1,500 figure refer to the cost of a camera or the cost of the mobile telephone?" €1,500 is approx. the cost of the PEN-F plus 17mm f1.8 when it was released. I paid a bit less than that because it was end of line and the shop still had a couple of new ones. The Google Pixel 3a OTOH was 299 euro, and is without doubt the best smartphone camera you can get for that price. I believe the successor model, the Pixel 4a, has the same camera and sells for about the same price.