A couple of months ago, I bought my kids[teens]a Fuji F10, Fuji's 6 Mp, relatively small, fit in shirt pocket or coat, but not the ultimate smallest size, nice quality for their needs, with care 8x10 or 11x14 doable..
For me I gave up on this idea, after being dissatisfied with different models including a Canon Pro 1, making even bigger blowups, found that at even ISO 200, noise was too much for my taste, and ended up getting a Rebel XT. When I want to carry the least, I carry that with a prime lens. It is not much heavier than the pro 1, but not pocketable per se. It may not have the ultimate in lens flexibility, thus set up, but what images I do get are easily capable of enlarging any reasonable amount and being noise free up to ISO400. It is bigger than a pocket size camera for sure, but the images are better quality due to a sensor of reasonable size. If all goes FF for slrs, in the future, maybe the P&S will end up with aps-c sized sensors, then I will revisit this type of camera.YMMV.