Trog,
I had sort of the same dilemma several months ago when my trusty Sony P&S goes to camera heaven.
Cold logic said move up to DSLR, but my heart said that I'm kind of used to having the ease of a P&S kit which is more pocket friendly. I looked at the DSLRs and came close to pulling the trigger, but in the end, I stick with the P&S and I pick up a Canon G9. It's a fully manual P&S camera with all of the other shooting modes as well. The icing on the cake is that it also shoots RAW or JPG+RAW. I'd take a gander at the G9. Maybe some of the other manufactures may also have a P&S RAW model out there now as well.
Nice captures of the caldera. It wasn't that active when we were there a few years ago.
Barry
My P&S (Kodak Z612) is also full featured as well; I bought it a bit over one year ago and it was just about as high end as you could go at that time in the P&S market. It also has a 12x optical zoom, which is great for taking pictures of belching fumaroles inside active calderas!!!!! It also has some attachments that allow me to use polarizing and UV filters, which is quite nice. I shoot most of my photos in aperture priority mode so that I can control the depth of field. Not being able to shoot in RAW isn't really a complaint; it's really more a nicety; complaints are problems that actually degrade photos. In that regard my primary complaints with the camera are:
1. there are a couple of missing - but needed - auto focus points. It shows up most often when zoomed in on a distant object.
2. there's some chromatic aberration in the lens.
3. the control to advance forward and back on the display is located on the back of the camera in an location were I can't easily push the left scroll control (for example, to preview the previous picture) while I'm looking the eyepiece (which I use almost all of the time instead of the LCD display). That's a bother for reviewing previous photos but a big problem in manual focus since that is also the control that shortens the focal length. That prevents me from easily moving in the focal lengh in and out to set the focus when I'm taking a picture for which auto-focus won't work.
The camera is good enough that I can get some pretty good pictures with it, and I'm still getting better at using it. There are just certain photos that I know I can't get very well. But isn't part of the creative process learning how to work with and maximize what you can do with the tools available to you??
I've also done some checking of pictures taken with various DSLR setups, and most of the lower end DSL setups I've seen have the same aberrations. So to address that matter I would also be looking spending a minimum of $1000 on the lenses, in addition to the camera body.
At this point I can't justify upgrading - not till I get some other bills paid off.