I have two Canon Elphs and a Nikon D70...
The Canon Elph is a great little point and shoot that I take with me everywhere... I have an S300 and an S500, they are both great little camera's. If I need to take serious pictures rather than just snapshots, I rely on the Nikon D70 for the really important stuff. The D70 came with an 18~70mm zoom that is usually on the camera, great lens for most things. I also have a 70~300 that I keep in the bag for when I am going to a football game or my kid's soccer games, for example. Got a lot of great pic's with it.
Sony actually makes a decent little point and shoot now... Ever since they figured out that the reason their camera's didn't take as good a picture as a Canon or Nikon P&S was the lens quality... When they started putting Zeiss lenses on their P&S camera's, I started to recommend them to friends... (Megapixels just are completely overated, in most cases... I have taken thousands of beautiful picture with the S300, and it's just 2.1MP.) Most of the pictures we have around the house were actually taken with that camera... You would be amazed at how good a 2.1MP camera can look when printed out at 5 X 8...
The Nikon D70 is "only" 6 megapixels, and the pictures it takes are awesome... When I want to get a good picture of my kid wakeboarding, the P&S camera's just fall down because of the shutter lag... The D70 always gets the perfect shot!
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