In a perfect world I'd have three digital cameras.
One is an ultracompact P&S, like the Fujifilm Finepix F420 that I have and I love, or something similar like the latest Digital Ixus or a compact Sony or something like that. This is the camera that I take with me every minute of every day, and it's small enough that I can. I also have the underwater housing for my Fuji, so I can take it swimming (or diving) if I want to.
Second would be a Digital SLR like the Konica Minolta Dynax/Maxxum 7D that I'm going to buy as soon as I can afford it. This I would only take for special events, or when I know I'll need the highest quality or the greatest sensitivity. The 7D is awesome because of low light sensitivity due to awesome performance at high ISO as well as great AS (Anti-shake) technology, and well, basically because Minolta bodies are the best in the industry. Oh, and because I already have a selection of nice, though inexpensive, Minolta lenses that I used to use with my awesome Dynax 700si film body.
Third would be a semipro P&S, and in this category, I would definitely go with the Canon PowerShot G6. If I had all three I would take this in my bag instead of my compact whenever I felt like it's not too inconvenient.