There are some nice p&s cameras out there, but they just cannot do what a dslr camera can do. Yes, the auto function of the DSLR will still give you lovely pictures, but they are going to be heavier, bulkier, more expensive, and more delicate cameras. So that's pretty much all of the cons. Now, if you are willing to learn just a little bit about using an SLR camera, you can really find you can take AMAZING pics!
If honestly all you want is to capture random moments and want cameras that are easy to put in your pocket and tote around and all that, then go with a good p&s.
If you want to learn to take really quality photos, a DSLR will take you a lot farther. You do not need to spend thousands either on a camera. I have a Nikon d60 and I really like it, it does a lot more than I know how to do so lots left to learn, and I think I paid around 700 with the lens a couple years ago? I don't remember. But there are cheaper and more expensive ones out there.
Now for my son, we got the olympus stylus tough p&s, and I am actually pretty impressed with the pictures it is capable of taking, and that poor camera has been to h*ll and back. It's in the pool, in the ocean, in the lake, it's on rollercoasters, it's been through the dryer

it's been dropped every which way, and it is still going strong. I love being able to just grab the p&s and take basic pics and keep it in a pocket, but it is no comparison to the pics my nikon can take.