Thought I'd add my 2 cents...

My first proper camera was a Canon 450D, along with some expensive lenses which after a few months became to cumbersome to bother with. I travel a lot so decided to get the best point-and-shoot I could, so ended up with a Sony RX100. Then, after a while I wanted something "in the middle" so bought an X100S. That was 6 months ago, and I've never been so fond of a camera.

I love the retro look, silent mode, and the B&W shots are great (B&W + Yellow filter is cool, and the Red filter can give a great film noir feel). It's very unimposing and great for street photography. It helped me with composition being a fixed lens - I really had to think about the scene and move around more.

I love the convenience, and I only bother with jpeg these days. I'm more than happy with the quality, and was pretty chuffed to print this out at 1.5m x 1m and have it crystal clear (ok, well the photo of the photo is iphone quality):