Ultra Compact?

Ok I'd love to have a D-SLR but they are just to big and inconvienient for me to bother with. I like to have it in my pocket so I can pull it out and start snapping straight away. Sometimes in fully automatic mode and sometimes a bit creatively in manual, even some night and lightening stuff. So the question is what is a good ultra compact with lots of the SLR features. Oh and I really want something with a pretty wide angle lense & image stabilisation. (Waterproof would be great but that's a bit too limiting)
I've been looking at a Panasonic FX520 (aka FX500 in the US). Seems to fit the bill but no RAW output (is that a big disadvantage?)and no manual focus, but you can use the touch screen to AF on the bit you want it to. Also, looking at sample photos it looks a bit grainy even at ISO100 when looking at 100%. This isn't too bad and would you notice it on an A3 print when it's a 10 MP image?
Any better ideas or comments?
I've been looking at a Panasonic FX520 (aka FX500 in the US). Seems to fit the bill but no RAW output (is that a big disadvantage?)and no manual focus, but you can use the touch screen to AF on the bit you want it to. Also, looking at sample photos it looks a bit grainy even at ISO100 when looking at 100%. This isn't too bad and would you notice it on an A3 print when it's a 10 MP image?
Any better ideas or comments?