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I've been using a Canon G3 for a few years as a back up. I love this camera but it is not small. Some features that I really like are
(1) hotshoe + 380 EX combo (2) RAW (3) fast f/2.0 lens
I've been on the hunt for something smaller and lighter. I'm currently trying out an Olympus SP-350. It has the hotshoe, RAW, and a slightly slower lens. Shot to shot times are slow though.
Right now there is a huge hole in the mid to upper end P&S marketplace. Canon tried to fill it with the G7 and Nikon is trying to do it with the P5000. Maybe Pentax can come through with the P&S aimed at the enthusiast who wants RAW, a hotshoe, the combination of a fast lens and SR, and low noise
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