You cannot be more wrong. DSLR is not the be all and end all for everyone. You also have to consider portability and usability for many. I certainly don't want to carry around a big camera with me everywhere. At first sure it feels like an event to shoot but after a while, you just want to enjoy your holiday and travel. Most will find it a hassle to carry around and at the end of the day just flash up their smartphones to take photos.

Which comes to my next point - technological advancement. Don't underestimate the capability of camera sensors ins smarphone nowadays. Sure it cannot beat a high end camera mainly due to its small sensor but for the most part, the quality is certainly more than acceptable. Infact I'd say in the hands of very good photgraphers shooting in daylight, the quality of the pictures taken will be comparable to shooting with a DSLR.

And at the end of the day the camera that matters most is the one that you have with you everyday. No point having an expensive camera but 8 out of 10 times the camera stays at home. But if anyone were to invest in a point & shoot, I'd say buy a Sony RX100 or a Fuji X20, absolutely amazing cameras, or those M43 cameras such as an Olympus Pen EP-3 or Panasonic GF5. I have Sony NEX 3N and while it take great photos due to its huge sensor size but since the sensor size is hug, the lens is huge as well, which makes it not that portable. I'm currently using a Fuji X100 and cannot be more than happy with it, a great great camera.