DPReview just posted a test of four advanced P&S cameras, including the G12 and P7000. Nikon's entry did not compare too well to the others.
I carry a G11 when the SLR is too big (usually on a bicycle) and it is very capable but the small sensor has it's limitations when compared to an APS-C or even micro 4/3 camera. A lot of care in selecting the lowest possible ISO helps.