I think Canon rule the market with their compact point and shoots at the moment (I am a Canon shooter so I may be biased). You really can’t go wrong with a Canon compact. The only place Canon fall short is in a water resistant/shock resistant model. They have the Powershot D10 but its specs are very disappointing.
Olympus have ruled this segment of the market for some years now with their Tough series. I have a TG770 which has been great but the kids have given it a good workout in surf, on kayaks, fishing, waterslides and swimming pools so it is now not as waterproof as it once was. Still working but the screen is playing up.
I am off to Fiji in September and along with my trust Canon DSLR I will be the taking the new Nikon AW100 for watersports. I got to use on of these recently and it is a trick piece of kit. When I get it I will get it out the bush and do a review. It has a 16mp CMOS sensor and is shockproof, waterproof to 10m, cold-resistant, has GPS with maps, compass and point of interest. For those into video its also 1080HD. On specs this should make a nice compact bike camera. I can’t say the image quality will make some of the Canon’s but being Nikon I can’t see why it wouldn’t.
They sell for about $350-$400 dollars in Aus but if you prepared to risk oversees without warranty can be had for under $300. Not cheap but certainly reasonable for what you get and around the same as the Olympus Tough range.
It comes in a few colours even orange for you KTM freaks

I will be going for the camo model.
