My current point and shoot camera is the Nikon L11. Roundly praised and vilified depending on who you talk to. It is a cheap $139.99 camera that my wife bought in 2008(by now the latest L series compact released in 2011 will be the L24)- Read more about the L24 in DPReview's article: Read the article
Some of my best shots have come from the L11.
Eventually though, I hope to upgrade my point & shoot as well, moving from the compact automatic function of that L11 to a P7000. This one will allow me the same functionality of a DSLR with controls for ISO, shutterspeed and aperture with the compact size of a compact camera (OK...maybe slightly larger than a pocket-sized compact).
All in all, a compact is nice to have in terms of convenience and perfect if you want to be inconspicuous. That's why I will always have a compact as a third camera (just in case)
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