After years of film SLR's and then DSLR's, I've taken the plunge and purchased a P&S.
After only having the new camera for a few hours, shutter lag, shooting through the LCD, and a weak flash are already driving me nuts.
However,I need something for when I don't want to carry the big guns around. According to the reviews, this may be my best current option in a P&S that combines both wide angle and telephoto.
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2012 Update: I did not keep the ZS3 for more than a couple of weeks. It was just too much of a P&S for my tastes. I instead selected - and was happy with until this year - a bridge camera (the FZ35) that had more of the features as a DSLR.
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