Lee Morris did a fashion shoot with an iPhone 3GS about a year ago. One important point to note is how much better the iPhone 4 is over the 3GS in its camera capabilities. I know that you are looking for point and shoot examples, but I think that the videos and final shots that Lee created are amazing, and when you consider that they were taken with such a basic sensor, you will be surprised.
I am fully aware that he had very expensive supporting equipment and lighting. But the fact that his image sensor was a tiny 3MP cameraphone, in my opinion is amazing.
Great photography is not about great equipment. It is only one piece of the equation. In my eyes it is a small piece. It depends what type of photography you are going for. I even pull out my Polaroid LMS and shoot images on 10 year old expired film once in a while, and they turn out so out of focus usually that you can barely read a billboard from 50ft.
The best advice I can give to new photographers is not to buy a ton of equipment, but rather purposely limit yourself to a single lens. Perhaps a single fixed focal length prime lens in the 30-50mm range. This gives you time to hone your skills and learn the basics rather then focus on technology and expensive equipment.