The Sony RX100 and the Panasonic LX7 are pretty much the undisputed champs of the P&S world right now.

The Sony is better in certain important categories: 3 times the sensor size to reduce noise in low light photos, 2 times the number of megapixels for large prints, higher resolution screen to review photos, and also much smaller and lighter.

The Panasonic makes up some ground in other ways: 24mm vs 28mm wide angle lens, brighter lens, better macro. It's also $150 less expensive.

Disclaimer: I have the RX100 and it's fantastic. I've had the Canon S100, S95, and S80 before this.