Yeah, the "premium compact point-and-shoot" (PCPS?) market still exists, and I've generally been a big proponent of it. However, that segment made a lot more sense when the DSLRs were bigger and heavier. Now, with the mirrorless compacts, the high-end cameras are smaller and lighter. Conversely, the PCPS market is expanding upward with larger sensors and fixed lenses (Fuji X100, Sony R100, etc.), and likewise the interchangeable lens cameras are pushing downward (notably, the Pentax Q), to the point where you can now pretty much pick any point in a continuum of interesting cameras.

All I can say is that I still have my thoroughly awesome Panasonic Lumix LX5, but I hardly ever reach for it when I can instead reach for my Fuji X-Pro 1, which is light enough that I don't mind hauling it around all day.

As to the waterproof/shockproof/kidproof cameras, I don't have any experience with these. They tend to have inferior optics, since they're trying to avoid having parts that telescope in and out. On the flip side, you can take pictures in places that previously would have required you to spend big bucks on specialist cameras (Nikonos) or expensive enclosures. If you need a bombproof camera, then you know it and you pay the price.