Hi David,
A couple things to consider when comparing are lens choice and imager size. High-end compacts like the S95 et al have chips roughly between a quarter and an eighth the size of a dslr/mirrorless system body. This puts them at a disadvantage WRT noise and high-iso performance. There are also depth-of-field and diffraction limits that creep in–these may not be an issue, depending on the photographer's goals.
Because compacts are fixed-lens cameras, you're limited to working within lens design parameters and performance strengths and weaknesses. The best compacts all have good lenses; some have excellent lenses, and they all have limitations. Some of these limitations are dealt with via software in tbe camera, but if shooting RAW you'll need to address such issues as barrel distortion in post processing.
DSLRs are the Swiss Army knives of photography, but SAKs as made by the GM Truck division. For wildlife or action sports, they're generallly the only option, as they offer the needed lenses and speed.
Carving a mid ground are high end, big chip compacts–the Leica X1, Fuji X100 and Sigma DP1&2. These can deliver the goods at a small form factor, but you're limited to a prime lens. I'll also give a nod and wave to the price-is-no-object Leica M9 and goofy Ricoh GXR system. All of these options are much smaller than a dslr counterpart–all will match dslrs within their niche and some will outperform them.
Output: For large wall-size prints and high-end publishing the largest chip possible is important, whatever the camera format. For Web stuff, it makes much less difference.
Mirrorless system cameras are where the market is headed, as dslr sales flatten. These systems are young and today only Oly-Panny have a reasonably broad lens selection. But the next year will see the field considerably fleshed out with new bodies and lots of lenses. As that happens there will be little reason for a lightweight backpacker to lug an slr.
Despite the chip-envy the best half-dozen quality compacts are brilliant picture-taking machines, and I'd be happy to carry any of them (I do have my preferences). It ultimately depends on the desired outcome and yes, who's carrying the camera will always make a huge difference.
Cheers,
Rick