I have had a Canon Powershot SX200 IS for quite a while. It it a decent little point and shoot, but it has some major limitations. The biggest problem is that it not very good in low light (f3.4 to 5.3 and has tons of noise at 800+ ISOs) and it is slow (.8 fps). While this doesn't make it impossible to use, it is hard using it after using a DSLR.
Since the Powershot is from 2009, I thought there might be better options on the market at this point. I need a P&S for concerts and other places I don't want to carry a bag. I think I should mention that I was not looking to buy a small camera because the DSLR is too heavy or anything like that. With the Black Rapid strap I reviewed earlier, carrying a 100-400mm during a day at the zoo isn't much of a problem. I also don't take all my gear unless the adventure is mainly going to be in a car, so carrying a bag with a couple extra lenses is pretty easy, too. The main reason is that I want something that can be carried anywhere and be put out of the way in something we already have with us (purse/jacket/coat/). Also, some places will not allow DSLRs, but won't even know we have this camera with us.
The Sony RX100 is one of the top P&S out there right now. I seriously considered it, but I was worried about how quickly it went from F1.8 to 4.9 as you zoomed out. I wasn't really all that thrilled with the idea of going to a concert and being in a similar situation that I have been in with the SX200 IS.
As luck would have it, I was watching a Ben Long video on Lynda.com and he mentioned the micro 4/3 format. I had always ignored articles on these cameras since I already own a DSLR. However, the video started me thinking about using one instead of a P&S.
The downside is that the m43s are not "pants pocketable" when attached to most lenses. Yeah, there is a lens cap lens that makes it easier to stuff in a pocket, but I know I will usually need a couple lenses that are better than the lens cap lens.
Luckily, my girlfriend has a decent sized purse that can easily hold the camera and a few small lenses that she usually takes when we travel. So, for me, it was worth making the size trade off for a lot more flexibility.
For example, many of the m43s have adapters that make it easier to use lenses I already own. The crop factor is 2X, so a 50mm would be the same as 100mm on a full frame camera.
I decided to buy the Olympus E-PL5 with the kit (14-42mm) lens and a 20mm 1.7 pancake lens. The upside to this setup is that it can be put in a purse or a jacket. Luckily, I own a Scottevest jacket, so I can carry a bunch of small lenses and the camera, if I wanted.
I also bought a Canon adapter that allows aperture control, so I can throw on my 50mm or 85mm 1.8s and have an effective 100 or 170mm lens for concerts. Below is a pic of the camera with a 50mm 1.8 (with adapter):
I also bought a 20mm 1.7 pancake lens and it is fabulous. It is very sharp, even in low light. Below is a pic that I took with the lens and edited on my iPad using the Snapseed app (I had an eyefi card in the camera, so I just sent it to the iPad via a direct wireless connection. The camera is supposed to work with Toshiba's wireless card, as well):
As I mentioned, if you have to put it in a pants pocket, you really need something smaller. I gave that issue a lot of thought and realized that I usually have my girlfriend (and her purse) with me when I would want to use this type of camera in the summer away from home. If you have the same situation or don't mind carrying a very small bag, I can recommend this camera. It has some very cool features, like tapping the screen to focus on a spot and take a picture. The swivel viewfinder is great for shooting pups or anything else close to the ground and to be honest, it is just fun to use. There are also tons of Art and Scenic modes, but I have not had time to mess with them yet. I usually prefer processing in Photoshop anyway.
Finally, while I will still have my DSLR for most situations, the addition of a lightweight compact just made more sense than buying a point and shoot. I have my iPhone for when I have to have a camera that fits in a pocket. I could also buy an adapter to make it more versatile, but I don't think I need it at this point.