Well, I think there is some value in the point and shoot camera. My point and shoot still has better optics, 10x optical zoom, manual controls, larger sensor, more megapixels and whatnot than the camera on my Epic. The Epic camera is very nice, but the lens is smaller than my pinkie.
And yeah, my DSLR blows both of them away too with picture quality, but I don't always want to be carrying that around (along with all the associated lenses and other gear).
So, in my mind, the Epic is great for those unexpected pics. The DSLR is better for when I want to take really nice pics, but the point and shoot is still a nice option for mini-vacations or hikes or whatever when you want decent pictures, but don't want to lug around a big ol' DSLR.