In reply to Fraser:
I love my Ricoh GX200 (24mm-72mm zoom version of the also lovely GR mentioed above) but it died recently and isn't up to scratch compared more recent 'serious' compacts, especially with noise in low light. You can still get good GX200's on eBay
After much comparison I got a Canon G15 (available for £200 ish if you're lucky since the G16 has replaced and is very expensive). You can try a G16 in a store to decide - I didn't find it noticeably different to the G15 (which'd be way cheaper online) so it's a fair comparison.
Bit bulkier but very good still, handles nicely (not as ergonomic as the GR but way better than anything else I compared: "handles ok with one hand with gloves" was an important criteria for obvious reasons), absolutely cracking fast lens (f 1.8-2.8: note how it's still really good at the 140mm equiv of the zoom), great re. image quality & features & usability. Like the GX & GR, has a slightly larger sensor than standard compacts, which makes a difference.