I just found PhoneDrone, I want to depth study this project, because I share the view that an Android phone has almost all the sensors needed for an UAV.
I have a Samsung Galaxy Nexus and I've tested my experiments with an Arduino Mega ADK board, which finally become broke by overvoltage issues, here you have a little video with my greatest achievements.
http://www.youtube.com/watch?v=P9PF8EFYIOAI wish I can contribute to this project with my knowlege about electronics, Android and RC planes.