The Evo has completely replaced my point and shoot because of all of the conveniences that come with it -- I have it with me all the time, I can upload directly to Facebook, and while the pictures aren't awesome in quality, they are definitely more than good enough for my purposes. In full daylight, it totally competes with my P&S. But it starts lagging as the light levels start going down. But then again, my P&S isn't that great in low light either.
I have also called off the search for a P&S upgrade. Because the reality is that it would be collecting dust anyway.