I have yet to find a 'tweener' which works well. By that I mean a device which is in the middle, not as big and complicated as the top end but more capable then what you get at the low end. In cameras I have a S100 which I love. The damn thing rides on my belt (always!) and is always there. I don't notice it but when I need to take shot - any shot - I've got it. I also have a big DSLR with lenses that ride in a toploader case, that comes with me when I'm going out. One case over the bag and I have the bare essentials of a DSLR, I love that top loader bag.
In the middle I have a G12 and a Fuji X100, and I use them the least. The G12 isn't too portable and generally takes mediocre pictures. The Fuji can take nice shots, but it's slow and finicky. I have the same issue with the iPad. I love my iPhone, and my big computers (Mac Pro and Macbook Pros), but other than for watching movies occasionally I don't have much use for the iPad.
The commonality is that these things do a little of everything, and so do nothing particularly well (as far as I'm concerned). Neither portable like the S100, or capable like the DSLR, and so just end up annoying me.
So yeah, I'd love to find the camera that takes near DSLR quality shots with near P&S portability, but it doesn't seem to be invented yet (unless I got a Leica maybe, and then I'd be annoyed with manual focus no doubt). Maybe Canon will come out with a mirror less that will pull that off, one can hope.