Ahab - If you meant, no point in processing a P&S RAW hoping it to look as good as a DSLR RAW - of course you're right - the detail information just isn't there, from, say, a 1/2.3 sensor.
But it can be worthwhile doing if the P&S does considerably better with its RAWs than with its JPEGs.
An example is Fuji's HS10. That's a 10Mpix long-zoom (30x) that has only Std and Fine as JPEG save options, and in Fine creates JPEGs in the 2.5-5MB range.
I can directly compare those with my Canon SX10's JPEGs - it has Std, Fine and SuperFine save options. In SuperFine (supposedly low-artifacting, low-compression) - it creates JPEGs up to 8-9MB. Those are rather better images than the HS10's Fine JPEGs.
I bought the HS10 to complement the SX10 - for the things it doesn't do - 10-7-5-3fps Continuous, barrel-twist zoom, far better MF, HD Video, 30x over 20x zoom, most adjustments are DSLR-type buttons and command-dial, etc.
While the HS10 does quite "adequate" walk-around JPEG shots - the SX10 beats it quite handily. So for casual use - the SX10 lives in the end pocket of my carry-bag - and the HS10 is taken along when I have something specific in mind to shoot. Along with a Slik F740 light tripod, that also fits in the carry-bag.
The HS10 is an "interesting" device to use - so often ends up on the tripod - while the SX10 stays around my neck. Long zoom shots with the HS10 are often in one of the "Priorities", or frequently in Manual mode and MF. It works rather better when "told firmly" what to do...!
As I'm no expert - I tend to shoot the HS10, when set up, as RAW or RAW + JPEG - and on the "longer shots" - also use Continuous with Timer. At times all this coincides to obtain some Keepers - and those "sort out" rather better from the RAWs.... Whatever the sensor size - a 15MB+ RAF RAW does give rather more "leeway" in PP than trying to mess about with 2.5-5MB JPEGs....
As it's my first camera that does RAW, I'm having a lot of fun learning into that - it's all good experience for when the savings-jar allows me to get a beautiful K-R...!
As for the K-R - while I'll likely get a kit-option Sigma 17-70mm instead of the 18-55mm as walk-around - I already have a few other interesting lenses to learn into - including an immaculate Takumar SMC 55mm f/1.8, other M42s, and some K-Mounts - including "the worst Sigma lens ever made" - or so I'm told - their 100-300mm f/4.5-6.7 DL...!
Still - for an over-60 hobbyist on disability, not into photography very long - it should all make an entertaining bunch of experiments - and plenty of fun...
But I'm sure you're right - the K-R RAWs are going to be much more worthwhile!
Regards, Dave.