Get the small P&S as a second camera - regardless of what you buy as your primary. Now you just have to choose between something like the Nikon 8800 and an SLR.

Camera-to-camera, the 8800 is more expensive than an D70. However, you're also getting an excellent piece of glass. Trying to find that quality lens for the SLR will set you back at least as much as the camera body itself (likely twice to three times as much).

The problem with *all* current 8MP cameras right now is their sensor. They're all using a Sony sensor that is far below sub-par. Otherwise the 8800 is easily the best non-SLR camera out there.

If leaning toward SLR, it might be worth considering going up a few bucks. I wouldn't buy a Digital Rebel or a D70 when the models up from them are so close in price right now. Here in Toronto you can find a D100 for just a tiny bit more. Though I'm pining for the as-yet unreleased D2X (a lot more).

The SLR should be something you consider a long-term investment if you're going to buy multiple high-quality lenses. You'll be investing in the format, not the specific body (which will be out-dated by the time it hits the street). Pentax lenses do not fit Nikon's F-Mount by the way. Pentax also make a DSLR which has also come down a lot in price. Nikon is a small enough company when it comes down to it, but Pentax is absolutely tiny. Personally, I'd be wary of that - but if you already have quality glass, you may want to consider the *istD as an option.

If I had to start from scratch, Id go for a really good P&S at 5-7MP and 3-5x Optical Zoom lens (and as fast as possible - LOW F-stop#), and a DSLR. What I really want companies to start doing is making high-quality DSLRs that are smaller than traditional film models. There's no reason to make the body as big anymore since you're no longer saddled with a 35MM film cartridge and film plane real-estate. I'm really hoping to see a whole new breed of DSLR - but not holding my breath. If they want to keep the same size, start using larger sensors to maximise the benefits of current lenses.

Bruno