The answer depends on what's important to you. Image quality? Ease of use? Size? Versatility? Telephoto range? Macro ability? Low light performance? Learning about Photography? Hi-def Video capture? Cost?
If you're looking to get into photography as a serious hobby, the best all-around point and shoot in terms of features, image quality, and growth potential is (in my professional opinion) the Canon G10. I know quite a few other professional photographers who use the G10 (or it's predecessor the G9) as their "go everywhere" camera for when they don't want or need a full SLR rig. The Nikon P6000 is it's main competitor.
The disadvantage of either of these are price and size -- they're bigger and more expensive than most consumer point & shoot models.
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