I agree with tweek - the Contax T3 is one wonderful P&S - the lens is great and the exposures are spot on.
Another great little P&S is the Yashica T4 Super or T5 - the one with the "scope" is a good buy, if you can still find it.
Generally, the best P&S tends to be fixed focal length as the implementation of zooms in P&S cameras is a major compromise and leaves a lot to be desired.