Any phone that's bigger than the Samsung Galaxy s3 is a joke.
Yes, I hear that Samsung are laughing all the way to the bank. Not as many sales as the S3, but then you need deep pockets to buy a Note 2
The target market for "phablets" is those of us for whom voice calls are way down on the priority list, below web browsing, email, navigation etc. The issue is not that phablets are less portable than phones - it's that they're more portable than tablets.