I'm all in favor of a small portable pocket-size camera that can go along everywhere. I still identify my Samsung point and shoot EX-2 as my main camera because my main camera is the one I use the most -- everywhere I go it goes.
BUT, it took me a long time to find and settle on the EX-2. It's not so much about the size of the sensor. For me it's about taking the photo I want to take. I went through a bunch of smaller PS cameras and kept getting frustrated, because I would soon enough want to take a photo like this:
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The phone cameras and most PS cameras can't take that photo. For me the bottom line was does it save a raw file? In the JPEG that my camera made from this exposure the highlights are all nuked to oblivion. I applied a +.3 EC when I shot this. It would be necessary to expose nearly a stop less to coax the camera JPEG processor to not blow the highlights and at that point you're not salvaging this photo from that underexposed JPEG.
Joe