Whatever you do, don't get so totally enamored with any P&S camera unless you can find a steady supply to replace it. Almost all were not designed to be serviced, and as they start to fail usually get trashed so even ones for parts are hard to come by.
That said, I've got many of them that are good enough to be considered for the "One Camera If Stuck On An Island" scenario. Most of them I could trust to last quite a while because of their simplicity of design. The ones that have more options seem to be susceptible to breakdowns as moisture gets in at every button, or the internal mechanisms can't handle the shocks of rough handling.
Canon, Olympus, Nikon, and Ricoh made a lot of really good P&S cameras. Kodak even has a few with excellent lenses. It seems to me the earlier models are more rugged than the later ones. One Canon model I really liked was the Sure Shot Classic 120, but it had a lot of issues. The main thing was there were a lot of buttons on the back, and if you carried the camera in a shirt pocket your body sweat would condense on the camera, and seep in through the buttons to the electronics which would brick the camera. I went through four of those cameras before I gave up.
More functions also sometimes meant a larger body to contain all the mechanics and electronics. The worst example of this is another Canon, the Sure Shot XL, and it truly was extra large, more than twice the size of a common P&S.
What was great about them for a while was I could find them in the charity/thrift stores for usually no more than $3.00, but Goodwill now sells all they get on their own auction site. For a long time you couldn't even find them in antique/junk stores, but they seem to be making a comeback. I was perusing a camera store site from NYC, and they had P&S cameras starting at around $75.00, with many going over $150.00. I supposed they were completely checked out and refurbished, but I keep thinking I could make some money shipping them off a box or two of my collection.
Anyway, P&S cameras can be a fine substitute for a more expensive alternative, especially when you don't want to draw much attention to what you are doing. Pull it out of a pocket, snap the shutter, and put it away all in the matter of a few seconds. Just watch out though if you have one with a coffee grinder for a film drive.
PF