I think your confusing it with the 808 (which lots of people did before the 920 was announced, people desperately want the 808, but on a phone that isn't poo).
The 920 has a 1/3rd of an inch sensor, just like the HTC one, but it has smaller pixels. The 920 has image stablisation in a similar vain to how sony have been doing it, the whole 'package' (lens and sensor) are stabalised together, these are often two stage (I've not taken the 920 appart, so I don't know how they do it... yet!) which provide really easy ability to hold a slow shutter. For most phone snaps, thats a good thing.
I've found that often my 920 will go for a 1/6th, quite easily. Interestingly thou, if I use the shutter button, rather than tap on the screen, it doesn't. It might be a very clever acceleramitor thing going on!
If you look at the first image expanded in this roundup:
http://gizmodo.com/5982478/the-best-smartphone-camera
You can see how brilliant stablisation is, the iPhone does a stonkingly good job of bringing out the detail but it attacks the noise to harshly, you see splodges, not rectangles, this is due to the Bayer pattern again (which is due to our eyes been odd) and the bias for green pixels. Low light noise removal is hard and fascinating.
This is why I think HTC have missed something here. It just isn't 'good enough'. When you consider that the iPhone 5 has a smaller sensor than the HTC One, but clearly delivers better good light due to some sub sampling for something which is so low cost, f2.4 small sensor, look at all the comments about poor crystal used on launch devices.
So in a nutshell I'm not impressed on paper by HTC's offering of camera, and I'm not impressed by samples. I think they really should have had a go at sensor shift or something, just don't tell it to Canon fans, they like to think their thousands of pounds on SLR shouldn't have any sensor shift stabilisation option!
Which is why I'm tearing it appart I suppose. I don't expect innovation from DSLR makers (thats another rant), I have seen it in phones and want more, I want someone to be chasing Nokia, forcing them to make a version of the 808 I can buy!