Having used DSLRs for the last 2.5 years I find that I cannot abide compact cameras. I just hate the nasty little things, but I understand they are a necessary evil when you don't want to lug a ton of gear around.
I've had a Sony DSC-P200 since June 2005 and have never liked it. I upgraded that to a Canon G10 at the beginning of December 2008 but, while the picture quality was OK, all things considered, I found making use of the rich feature set a monumental chore and figured I'd be better off with a simpler and cheaper machine. How do you set up a nice manual exposure when every time you adjust the zoom the aperture changes? Quite frankly I think the feature set is almost too rich on the G10. The options are so complex and not well explained. There really is almost too much to remember/consider if you want to squeeze the most from the camera. Although there are many good things with the G10 it is let down by having far more pixels than necessary and disappointing high ISO performance, which makes it no better or worse than any other compact, but what do manufacturers feel there is to be gained by hamstringing their little creations with all those low quality pixels? Why don't they listen to the photographers?
I returned the G10 and I now have a refurbed Fuji F100fd for 1/3 the price. Guess what - I hate it. The focus takes for ever and even at 400 ISO the NR completely obscures any detail, like fur on a pet, for example. I was shooting in a mixture of snow and grass/woodland with it last weekend and found that getting the exposure sorted was just another PITA. I longed for the EC dial on the G10. The flash has all the strength of wet tissue paper, hopeless for fill flash against a bright background. Who on earth thought it would aid stability to shoot pictures with the camera held out at arm's length. The whole concept of compacts is badly flawed. I actually feel like returning the Fuji as well, but I suppose I have to have something convenient for the trouser pocket.
If you never shoot action and always have good light then a compact may suit. But, if you ever want to shoot stuff that moves, like wildlife, sports, pets and kids, or anything in poor light, I fear that if you dump your DSLR you may very well be disappointed.