Originally posted by m8o You know ... I somehow forgot until just now that I bought a Sony TX-5 for my wife last holiday season, which uses a 1/2.4" CMOS sensor. While it's not one of the TX's with the backlit sensor, it still takes very good photos, and works well enough sans flash indoors. Add a few years of sensor advancements, the backlit CMOS, decent Pentax lens, and I suspect this camera will do quite acceptably; in the P&S category yes, but might even be at the top of it.
Even many current cell phones take quite good pics, at least in decent lighting. The point where a "real" camera often beats them though, is in more challenging situations -- e.g. low lighting, where sensor size helps hugely (or situations where fast focusing [something mirror-free cameras aren't so great at], a real viewfinder, good lenses, and other quality-of-implementation issues help).
The thing is complicates all this though, is price. Though my cell phone takes very decent pics in reasonable lighting (though it has image stabilization to help with low-lighting situations), it was more or less
free... If I'm going to pay a substantial fraction of a grand for a camera, I'm a lot more picky; "good in decent lighting" isn't gonna do it then, nor is a cool retro look. Good lenses
will help, but only to the extent they aren't hamstrung by the sensor.
[I love the look and feel of the Fuji X100, but the price is way up there, the implementation is a bit flaky, and lens has gotten a
lot of criticism wide-open -- and really "wide-open" is important. If the price were a lot less, I might forgive these shortcomings, but it's very hard at the price they're charging...]