no, ISOCELL is just cell (pixel) isolation (think of it as a bowl that now has bigger depth) so that it could hold more liquid. This allows for more charges being stored before clipping (over-saturation) occurs (or overfilling). Technically, they can brighter light sources without clipping and hence better dynamic range. However, Samsung hasnt addressed a technique for better light capture to reduce noise.
Nokia and this type of technology is apples and oranges. The Nokia is like a camera with a phone attached. It used a large 2/3 sensor to push huge megapixels and down sample. This type of tech is about standard cell phone sensors that have been optimized to improve efficiency. Sticking large sensors and optics on all phones in the style of Nokia isn't cost effective for smart phones as a whole. The Nokia 1020 is a specialized camera/phone.
@warezme Most of Nokia's high-end smart phones have very good cameras, not just the Lumia 1020. Nokia has demonstrated that a slightly larger than normal sensor combined with slightly better than normal optics can result in a cost effective way to take high quality photos with a normal sized phone.