New Apple patents could mean better lenses with smaller camera bumps

Apple has recently filed patents for a "folded lens system" (via AppleInsider). The patents describe a complex system of lens elements and prisms to redirect light into the sensor, which would sit below. The patent also mentions a full-frame equivalent focal length of 80-200mm. Why is this important?
Camera lenses with longer focal lengths can better capture details from far-away objects. But in order to achieve a longer focal length, the lens generally needs to grow longer physically as well. This is bad for anyone who doesn't want a huge camera bump on their smartphone. But if the technology in Apple's new patent can be put to use, future iPhones could offer powerful telephoto lenses, without the camera bump.