I would consider the Canon S90. A while ago i was comparing the S90 and G11 for the gf. It was one of those gifts that's also kind of a gift to yourself. They have essentially the same sensor, both shoot raw, the S90 is shorter on the long end but is about half as heavy and significantly smaller. For me, if i have to take a point and shoot as opposed to the DSLR i'd at least want one that fits in my pocket. I wound up buying her (me) the S90 in time for winter in the Presidentials and couldn't be happier.

I hear similarly good things about the Panasonic LX-3 but it's like 20-60mm or something shortish like that.

Keep in mind that any point and shoot is going to be inferior (technically speaking) to the vast majority of SLRs. They're just not as quick, not as clean, noisier, and all-around less versatile than an SLR. Their principal virtue is that they can go where SLR's don't, and while that's no small virtue, you just have to be aware of their limitations.