Olympus E-PL2 (with 14-42mm lens, Black)

Pros: Much better image quality than p&s. Light & stealthy. On board flash. Nice variety of filters. Easy to make changes with speed dial. Can choose among image dimensions, I like 3x2 for perfect 4x6 prints without having to crop.

Cons: Have to be careful how camera is held when using flash, finger can block light. Raw formate is orf, need to use oly software to convert to tiff to use ps. Slow af in low light.

Summary: If you want better quality shots then you get from your point and shoot, but don't want to buy or haul around a dslr, this camera offers a great alternative. The interchangeable lenses are good quality and very light.