I'm unlikely to be a huge stickler about point & shoot vs. not... There is already a dslr photo contest on here, so DSLRs are disqualified, even if you use them like a point & shoot. I just ducked into the pentax Q section and they don't seem to be running any photo contests over there... So the pentax Q users can post in here as point & shoots as far as I'm concerned until they want to have their own photo contests.
I think we've mostly been judging these point & shoot photocontests in terms of composition/intent as opposed to camera quality. My winning entry from last month won despite the fact that it was a very grainy image because it was taken by a point & shoot in low light. While I think the graininess worked on that photo, it still wasn't technically the best image submitted, and it probably would have been a much better shot if I'd taken it with a dslr. So while those people with some of these better cameras that are only borderline point & shoots have an admitted technical & quality advantage, they will still be judged based on composition & how it pertains to the theme.
NOw I'm excited to see what you guys come up with