I'm not particularly informed about the compact market, but needed something small but decent for when I want to avoid carrying the DSLR around. On the advice of some users here I bought a Fuji XF1, currently £70 off at £129.
So far, very happy. The sensor isn't too tiny, it's f1.8 at wide angle, and it looks and feels great.
The EXR modes are quite impressive in low light- it halves the megapixel count to 6mp, but gives surprisingly clean images for a compact.
Have to admit I haven't touched the DSLR since I bought it...