Most have reasonably good exposure algorithms, so you will get some sort of half-decent shot most of the time. They are cheap enough to take into situations where you would not take your SLR and lens collection. They don't attract thieves like SLRs do. In 1995, my SLR and some CDs were stolen out of my car. My point and shoot, in plain sight on the center console, was left behind.
People are much more willing to have their picture taken with a point and shoot.
If you are sneaky like me, you have your point and shoot in your hand by your side when you ask someone if you can take their picture, then when they agree, you whip out the SLR with the monster portrait lens. If you decide that a point and shoot meets your current photographic objectives, then you need to know about the mythic Yashica T4 Super . I have one with me or in my car at all times, and it goes in my camera bag when I am shooting. Like most point and shoots, it does not have a lot of controls on it for flexibility, but you can turn off the flash, which will help your photography tremendously. At 2.8, its lens is a half stop faster than the Yashica, though not quite as sharp and contrasty.