Canon PowerShot SX210: 14MP, 14x optical zoom, DIGIC4 processor, optical IS, f3.8, 720p HD video, full manual mode!
I think that in good lighting conditions the quality won't be far off from an entry level DSLR in particular if you use the full manual mode to get nice depth of field. I just wonder about noise levels and macro abilities.
It is difficult to carry a DSLR and couple of lenses on a bike, not to mention risky, that's few $k worth of hardware. So far though I haven't seen a compact camera with quality and level of control that was anywhere close to DSLR even under good light conditions. So I hardly take pictures while cycling