I take your point about how capable the X10 is, and I'm not disagreeing with you on that (and your illustrations of its ability to cope with low-light and high-contrast situations are a revelation), but back to my point of ultra-wide, ultra-long requirements and versatility, taking multiple exposures and stitching them together (in or out of camera) is not a demonstation of a camera's utra-wide capability (especially if there is action within the shot - people in a shopping centre, traffic on a road or trains on a track, for example). You didn't address the ultra-long requirement either (in-camera cropping, perhaps?

). In my bag, after crop-factor adjustment, I cover most of the 'equivalent' focal length range from 16mm to 800mm. A single lens (18-200mm) on my camera would equate to approx. 29-320mm. The X10 equates to 28-112mm.
The DSLR has wide and long lens options that are just not there with one P&S camera. Albeit not as good as some prime lenses, a single lens with a big range on a DSLR should still provide a reasonable image.
The
new generation of little cameras may well be 'catching up' with
last season's DSLRs but they're still not there - especially when it comes to versatility - and DSLR performance is not standing still either.