Not really... You can have a 100MP camera, but if the lense and sensor are garbage, your picture is going to be garbage.
I like Canon's... Any of the PowerShot series make for a great point and shoot.. They have great lenses and awesome digital sensors (Digic III and IV in newer models)
They are consistently ranked at the top of the heap when it comes to point and shot. You really can't go wrong with the Powershot SD series...
I currently own a Canon A630, it's a fullsize body and not top of the line by any means. 8MP, Digic II processor and a decent optical zoom.. I am pretty sure it's around the $200 range.