I've said it before and I'll say it again, a photographer should alway have a camera, any camera. My point and shoot of choice is the Canon G10. I know there is a G11 now, that should work better in this situation, but there is a limit to what I can spend. Yes sadly I have to buy my own cameras...
The camera you have in your hand (phd, camera phone, whatever) is always better than the camera that you left back at the apartment because it was too heavy.
The compact camera I'd really be interested in trying is the Panasonic GF1. Maybe Panasonic will give one up for Ira and I to test.