Here is links to a posting that actually looks at what determines the quality of a small digital camera (in addition to MegaPixels) :

Megapixels, like megahertz before them, are the big consumer swindle of the camera world. The first thing anyone asks me when they see my Canon G9 is “How many megapixels does it have?” My answer, 12, causes a swoon. The trouble is, I neither want nor need that many. My Nikon D60, with just 10 megapixels, takes better pictures, especially in low light. In fact, when Nikon announced its new P6000 two weeks ago, I groaned when I read the sensor size: 13.5 megapixels. All those extra dots add up to one thing: noise. Here we take a look at the advantages of smaller pixel-counts, and what they mean for the future of photography [From Why the Megapixel Race Needs to End]

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