Back in my working days with a full kit (2 bodies, 4 lenses, Metz flash kit etc.) My bag was big and heavy, so I took it with me whn I was wokring - But, I would not go anywhere without having a camera of some sort with me. I always had a smallish Olympus compact in my pocket...everywhere! I can't remember what my little grey one was called, but it was later replaced with the mju which was slightly smaller, but just as robust.
The lens has to be as good as possible, so i went for one that had just a fixed 35mm, rather than a zoom. The pictures were just as good in quality as those shot on a 35mm lans on an SLR, but you don't have the flexibility of changng lenses. Then you tend to look at things and work to the strengths of the focal length you have available.
If you can find a copy of the 'CAT TALK - Best Of Imperial Rockabilly" album on the CBS / Epic label (It's blue tinted with orange writing) - (I do't have a copy to scan at the moment.) - That was shot on the compact.
My opinion has not changed, a compact will always be part of my kit, and with me 24-7.