While some smartphones have decent GPS capability while they have network data access (or pre-downloaded map data), they're really not ready to beat dedicated GPS devices for all day use. Using the GPS on my smart phone runs the battery down quickly, even with the screen off. It's fine in the car where I can plug it in to power, but on the bike, the battery completely runs down in a few hours. As for altitude, I think Casio makes a smart-phone that has an altimeter built in, but that's the only one I've heard of.
Some of the outdoor activity GPSs may be a better bet for location and altitude (I have a Garmin Dakota 20, which will do a primitive altitude plot, I think), but won't let you call home.