Despite the polemical nature of the OP, i find this tread interesting.
The G10 appears to be of interest to serious photographers, much as the G9 was. I must say that I too am attracted to it.
I was at one time interested in the E420 & 25mm pancake combo myself. But after examining lens tests on it, I concluded that it it was not for me.
P&S cameras can do rather well at low ISO's and non-huge print sizes. My Fuji's (F20, s6000fd, s9100) bear that out.
My main "carry around" right now, is a Nikon D60 with a 35mm f/2 AF-D lense. On that body, it manually focuses, but fully meters, and the lense is wonderful, optically. Its perspective is similar to a 52mm in 35mm format terms. For me, it was a good way to go, since my other DSLR is also a Nikon, as are most of my film bodies.
The "pocketable" aspect is a siren song to me though
That new Foveon one with a normal lens, (Sigma something), or perhaps a future generation of Micro-4/3, or............. a G10......................