I sold a few items earlier this year with the intention of purchasing either the Nikon CoolPix P6000 or the Canon G10. But after reading reviews and seeing images posted to the forums, I'm going to wait a year hoping the megapixel race is over in the point and shoot arena. I'm happily shooting away with my 8 megapixel Ricoh GRD.
So, what am I looking for in a point and shoot? Wide angle to 28mm minimum, the option to turn off noise reduction (think grain) and excellent image quality at base ISO. All the other features can be work arounds. I'm still using the 2004 CoolPix 8400, the last of the great Nikon CoolPix cameras which also includes the 8800. But the Ricoh GRD with it's 28mm lens is something else. I regularly shoot in black and white mode at ISO 1600 (above picture) and find the minimally processed noise looks like pushed Tri-X. I love shooting black and white now like I did 35 years ago.
I considered the Sigma DP1 but after using the GRD for a year, I'd be happier with even a 2X zoom.
So, what is everyone else looking for in a compact camera?