Hi,
Well, yes, like red wine there's some nasty, almost evil stuff out there. But people have been surprised by reds from those petrol pumps that was taken home in a plastic carrier bag and turned out to be very pleasant.
Some of the best P&S's can punch well above their weight and are ideal for carrying about all the time. You ought to try something like the mju-II with it's spot metering, it might be a pleasant surprise. The other surprise is that getting one checked, parts replaced and so on can come in at about twenty quip and that and the pound or two they cost isn't to b sniffed at.
As for restrictions, I agree but my M2 has restrictions and so do all of them (macro, 200mm lenses etc), even SLR's can restrict you. I shudder to think what I'd need to carry if I won the lottery and could spend a month or so wandering about (say) the Canadian Rockies. At least two M's, two SLR's and several hundreds of pounds worth of macro lens, a trolley or two and still a couple of P&S's would be part of the package to do the trip properly. Somehow how I don't think this photographic odyssey will ever happen, like my knighthood, but you never know...
Regards, David
PS What's weird is that they put tripod bushes on P&S's but none of them take a lens hood. Weird isn't the word, is it?.