I just had a family vacation from Grand Canyon. I had Contax 645 with me, my wife had the 35mm FF, and my son had the P&S.
Although I carried a heavy tripod, but I rarely use it. In most situations, my family do not give me the time to use it. when I come home, I found today's P&S (small sensor) is actually pretty good. When lighting is good and when we want wide depth of focus, the difference among the three are very subtle. But the big difference is when the light condition is tough, particularly when it requires wide dynamic range.
The file from Contax and the FF 35mm can be easily adjusted and still shows excellent image, but the P&S is not very adjustable. The skin tone would run away quickly. The color balance is much harder to be pleasing.
If a gear review does not address this issue. It would not show the strength and the weakness.