I feel I have a pretty reasonable position on this debate (which is old as dirt, btw).
All equiptment comes with some limitation, one way or another, a point and shoot is going to have poor high ISO performance and very deep DOF with little way around that. Photography by it's nature is limited, and the phtographer must, regardless of the equiptment he or she uses, chooses to use, can afford, whatever, work within these limitations.
A true measure of a phtographer's abilities is how effectively they can work within the limitations of the equiptment they use, and knowing what limitations they can expect. But a good photographer will be able to convey truth within any limitation, and find creative ways to express their world view regardless of the equiptment is available. Blaming a p/s limitations says nothing more than the photographer's own lack of vision.