Big question - what's the shutter lag? The wife likes pics of grandkids,
who stop for no one.

Shutter lag is on par with other point & shoots, which is to say that it
wouldn't be the camera of choice for shooting fast-moving munchkins. You
already have the proper camera for that job. I don't think any P&S would
shine in that situation. I see it as a reasonably capable camera whose main
attraction is its ease of portability, when dragging around a full-sized
DSLR would be inappropriate or undesirable. I have a 4mp Olympus Stylus 410
that takes very nice photos and is weather resistant. But I rarely use it,
and one of the reasons is because it is so different in ergonomics and logic
than my D70 or D200. I'm thinking a Nikon P&S would at least have Nikon
genetics and therefore would be more intuitive and in synch with the cameras
I primarily shoot with.

I have a niece and nephew ages 14 and 16 that I'm flying out to Phoenix
later this summer for a week's vacation. We'll be spending a bit of time
touring the state. I'm thinking of giving them the Oly when they get here
and letting them take it home with them. Hence, the reason for thinking of
a replacement ala the Coolpix P5000. But I need to get my hands on one in
the store to see if I like the way it shoots. The two complaints that have
consistently come up in the reviews is the inability to shoot raw (which I
find unfortunate as I mostly shoot raw these days), and focusing speed that
is middle of the pack at best. Every review has commented on how it's about
the best handling P&S ever tested, that the build quality is well beyond its
price point, and that the output is unbelievably good as long as you're
shooting at ISO 400 or less. Its closest competitor is the Canon PowerShot
G7, which is larger, heavier, and more expensive.