I can highly recommend the Panansonic FX-01, it does not shoot raw but its an amazing bit of kit. Wideangle 28mm to 102mm with an image stabilising system that is amazing! - excellent 2.5 inch screen. It is very compact and very well made. I bought one for my daughters wedding in June this year.
If your not interested in wideangle lens then the Fuji F30 would be the best choice. This was originally my first choice but the 28mm wideangle of the Panasonic swung it for me.
I think Panasonic and Leica (which are related) are now the only two now offering P&S models with RAW capability. Not cheap, and they suffer from noise at anything over ISO100, but check out the D-Lux 3 or the Panasonic Lumix LX2 (The Leica isn't exactly cheap ... and neither is as compact as, say, an ultra-slim model).
There are older models like the Canon G6 that do RAW, but you'd have to buy one used (and the G6 isn't exactly compact by today's standards either).
Some of the Olympus models - this one that I have, will shoot RAW. But it eats batteries, processing of RAW files takes ages - like two seconds. But it will fit in your pocket.
I just got the Pano DMC-FZ8. Used to have a cypershot was recommended against the canon by an owner. So far I have fired off a few hundred shots in preparation for a trip. Still getting to know it.
I need a high speed SD card or maybe a SDHC with these 11meg raw files. The lithium battery packs a good charge and extras won't break the bank, plus this thing is light. The battery is lighter than 2 - 4 AA's and the unit itself still feels solid, squeezable. packing this this thing around all day and holding it up at weird angles or with one hand is easy.
Like most 'super-zoom' cameras there's lots of manual controls and it is still easy enough for my wife to grab and fire off excellent shots with ease. Thanks a ton to Tony and Susan for the recommendation I am still freaking out the value the FZ8 packs, a highly important facet of camera selection for some.
Keep an eye out for the new Sigma DP1 also. It's going to be a high end pocket sized point and shoot, and it'll have an APS sized sensor like most DSLR's. It has a fixed 28mm equivelant lens, will definitely shoot RAW, and should put out better files than any other compact cameras.
