I usually lug around at the least a D200 body with a 50mm prime, 18-70,a 70-300 VR, an SB-800 and a light meter. I actually feel naked without it, and that's just a fraction of the gear I take with to a shoot or to the track.
Turn 12 @ RA - unfortunately a cloudy / overcast day, but still gets the point across.
http://gchildersphoto.com/DSC_0536.jpg -larger resolution, though still scaled back.
Personally, I'm a Nikon man at heart, but I can't help but hear the siren song of the Canon 500mm F/4 IS USM for motorsports work.
Years ago I carried around a CPX5K as a backup - this is back when your only DSLR choice was pretty much the Nikon D1 ('99). I still have the CPX5K, not the D1 however. That was swapped for a D100, then the D200, though the CPX5K did go back for a board replacement once. For a P&S I had no complaints.
The thing to remember as well is it's not *just* megapixels but also sensor quality & glass. In other words, I'd put the 4.1MP sensor in the D2Hs with a nice lens hanging off it up against an 8mp p&s sensor any day of the week.
As far as that p&S in specific, it looks like a good buy. A much updated version of the CPX5K I used to have, with a lot nicer sensor and more features. The limiting factory obviously will wind up being the ultimate lack of additional lenses - among other things. But for a P&S it doesn't look half bad. And it's a heck of a lot smaller than the tank I used to lug around, that's for sure!