Panasonic Lumix LX5
If you are looking for a backup camera for your DSLR, for the times when you just can't be bothered to lug around all that heavy kit... consider the LX5
Is this compact as good as a dedicated DSLR? - no, of course not, but it is a very capable camera with excellent performance for a compact model. It has a fast Leica Lens and the sensibly 'low' resolution of 10 MB allows digital noise to be kept under control.