So, finally, i'd say you're best bet really would be to buy a nice P&S
"first" and if you find that it is limited, or it isn't performing the way
you wanted, then consider going the dSLR route. Since IF it can do
everything you need, you'll have saved yourself a lot of money.

But if it doesn't you will loose a fair bit more money than you would have
if you went for the dSLR in the first place........

One thing which you should seriously considder is buying a second hand dSLR
so somebody else takes the first owner depreciation hit and then start
buying the lenses you want as and when you want them. That way you can
upgrade the body in a few years and still have a great set of lenses.

There is no right or wrong answer.

dSLR's give you infinate flexibility but at considderable expense and
weight.

P&S give a competent package at an excellent cost but there is no upgrate
path (other than part-ex or the bin)

I have owned a number of P&S's in addition to a dSLR and each has it's own
merits and pitfalls.