Editors' note: This story was originally published on November 21, 2011, but is updated frequently to reflect more recent reviews and announcements. The latest update adds discussions of the Panasonic Lumix ZS100, Fujifilm X70, Canon PowerShot G5 X and the Leica X-U.

It's a common complaint: You want the photo quality of a dSLR but find you're leaving the camera at home because it's so large.

A lot of the compromises you previously had to make are moot now. These models come with sensors the size of a high-end dSLR's and performance that can rival a midrange dSLR and offer the same level of manual control over shutter speed, aperture, support raw files and other creative features.

These dSLR complements (or replacements) come in two versions: ones with the traditional larger-than-average point-and-shoot design, and the interchangeable-lens models (ILC), which attain a more-svelte-than-dSLR profile by jettisoning the mirror-and-prism optical path, which is one factor that keeps dSLRs so large. Of course, once you start adding on to the latter models, like tacking on an EVF and even a modest zoom lens, they start to get pretty big. Still, equipped with a kit pancake prime lens like the 17mm (Olympus) or 14mm (Panasonic), they remain quite pocketable. But they also tend to be quite expensive compared with all-in-one models.

On the other hand, fixed-lens models can have better lenses than those which come in the inexpensive dSLR and ILC kits. Kit lenses generally come in 18-55mm, 16-50mm or 14-42mm flavors, depending upon the sensor size, but they almost universally have maximum aperture ranges of f3.5 to f5.6. Many of these models have relatively short zoom ranges, but maximum apertures of f2.8 or better.

However, despite some excellent electronic viewfinders (EVF), you still sacrifice the improved shooting experience delivered by a through-the-lens optical viewfinder. And battery life in the compacts (or in an ILC, for that matter) can't match that of a dSLR. The small batteries in a compact are no match for the power drain of those always-on back displays and viewfinders.

Still to come: the Sony RX1R II; Canon G9 X;Sigma dp1, dp2 and dp2 Quattro;Panasonic Lumix ZS100; Fujifilm X30, X70 and X100T and the Leica X-U and X Vario.

Here's my take on how the fixed-lens models stack up.

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Sensor sizes

Beyond the advanced controls you get with these cameras, their most defining aspect is sensor size. Once upon a time, a 1/1.7-inch sensor was considered the must-have in this category. Now, you can get them as large as full-frame.

Why does it matter? The bigger the sensor, the better the ability to control how much the background blurs, and generally the better the photo quality. The trade-off is that as sensor size grows so does camera size, and in fact a lot of the APS-C and full-frame sensor versions of the cameras can only loosely be termed "compact."

For a while it looked like the affordable APS-C compacts had stagnated -- the Ricoh GR II and Fujifilm X100T aren't old, but they're still based on the technology in their predecessors from 2013, and NIkon discontinued the Coolpix A. But Fujifilm came back with a new model, the X70, which has a friendlier $700 (£550, AU$1,050) price than the still-more-than-$1,000 (£700, AU$1,400) X100T. Plus Leica expanded its X series to include its first submersible model, the X-U, albeit at a budget-bedeviling $2,950/£2,400.

It's not the first aggressive move from Panasonic, either. The company jumped straight from its 1/1.7-inch LX7 to Four Thirds with the LX100, then subsequently backtracked to 1-inch in the Lumix ZS100, which now boasts the longest zoom available in this class. While the Canon PowerShot G1 X and G1 X Mark II have a larger 1.5-inch sensor, it's only marginally larger; in comparison, the Four Thirds-size sensor is significantly larger than the increasingly popular 1-inch sensors in models like the Sony RX100 series and the Canon PowerShot G7 X and G5 X in a bodies frequently smaller, yet as full-featured, than the larger-sensored Canons.

Many of these cameras have gone to BSI (backside illuminated) CMOS sensors, a manufacturing change over standard CMOS imagers which moved the light-sensitive areas (photodiodes) to the top layer of the chip. That move expanded the sensitivity in low light, but initially the quality in bright light wasn't great; they're much better now. The other advantage BSI sensors confer is speed: you can thank it for the onslaught of multishot special effects (like HDR) and high-speed continuous shooting modes.

Sony recently upped the BSI stakes with its stacked CMOS (branded Exmor RS), a variation which relocated the circuitry off the photodiode layer. Its Exmor RS also has extra on-chip memory and faster circuits, which allows its RX100 IV and RX10 II cameras to do extremely high frame-rate capture (like 960fps for slow motion), 16/14fps continuous-shooting and 4K video.

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Best price: Fujifilm XQ2

The Fujifilm XQ2, with its 2/3-inch sensor, costs less than $300 (£250, AU$500) and displaces the Sony RX100 as the cheapest recommendable model. It's more of a high-quality step-up frome a phone camera than a serious advanced compact, but that's what many people who buy advanced compacts are really looking for: a camera with a bigger sensor for better low-light photos.

The RX100 remains a solid and relatively inexpensive choice for the entry-level buyer on a budget. Prices in the US seem to be all over the place, from a few at $300 to a whopping $600, though it's still available for about £240 in the UK and between AU$400 and AU$750 in Australia. If you can find the better RX100 II at comparable prices, that's a better option (they vary enough globally that you may be able to find it for less). The RX100 isn't nearly as good as more recent cameras, and they both have the old, slowish lens, but they're also not nearly as expensive as the better models and still a great step up from a typical point-and-shoot.

Canon's newly announced G9 X is intended to compete in this market, and since it has the same imaging specs as the G7 X (but a meh lens) it will probably deliver good image quality for this class. But at $500 (£400, AU$695) at launch, it misses the mark on price.

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Best under $1,000: Panasonic Lumix DMC-LX100

Panasonic upset Sony's RX100 III with a camera that outclasses its predecessors for best overall model. The LX100 is speedy and compact with a fast lens and excellent and video photo quality. However, it's expensive at as low as $600 (£400, AU$700), so it's not necessarily the right pick for everyone. If you want second-best, the less expensive -- at least in the US -- RX100 III ($450, £500, AU$800) is still a great choice. The RX100 II may be is still a better value, especially if you don't care about the tilting LCD; though prices for it are all over the place, some higher and some lower, so you have to comparison shop. The RX100 IV -- more expensive at $950 (as low as £600, AU$1,100) -- isn't quite as good for still photo quality, but offers a lot more video controls if that's your thing.

The $600 Canon G7 X (approximately £300, AU$550) has the best combination of photo quality and price in the 1-inch sensor class, but it's slow and its connectivity isn't particularly well implemented. The more recent G5 X $750 (£650, AU$990) is basically the same but with a very nice viewfinder and fully articulated touchscreen display. However, though it's not as slow as the G7 X it has some sluggish aspects, and it lacks the more fully developed feature set of the LX100.

The APS-C cameras in this class, such as the Ricoh GR II ($600, £600, AU$900) and Fujifilm X-series models produce better photo quality, but all have fixed focal-length lenses, which limits their appeal for a lot of folks.

Furthermore, with its built-in EVF, the LX100 also reigns as the best model with a viewfinder -- at least until I get a chance to test the Sony RX1R II or Fujifilm X100T (though the Sony won't cost less than $1,000 for years, if ever). I think EVFs work better in this class of camera than the small, hard-to-use optical viewfinders of yore. The Canon G5 X has one of the best viewfinders in its competitive cohort, but that doesn't quite compensate for its drawbacks.

Canon dropped the optical viewfinder for the Mark II, replacing it with an expensive optional EVF. The RX100 III/IV and Nikon Coolpix P7800 also incorporate an electronic viewfinder.

For optical viewfinders, the Fujifilm FinePix X20 is the fastest performer of the group -- the company went to an EVF for the X30 -- and is capable of producing nice, though not best-in-class images. Canon has two models in this class, the older Canon PowerShot G1 X and the PowerShot G16, though the older G15 is still widely available for around $450, at least in the US. While the original G1 X has arguably the best photo quality of this subgroup, it's also slow and expensive, and the lens aperture narrows so fast as you zoom out that it can be frustrating to use.

The G16, on the other hand, has a great, fast lens and improved (but still not great) performance, but it lacks the articulated display of the other Canon models, and its photo quality isn't significantly better than its last couple of predecessors.

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Longest zoom: Olympus Stylus 1

Olympus conquers this class with the longest zoom range -- a 10.7x 28-300mm (35mm equivalent) model. And it doesn't sacrifice the aperture to get there; it delivers a constant f2.8. It also performs pretty well for this crowd. But its relatively small 1/1.7-inch, low-resolution sensor produces images that might please snapshooters but don't really stand up for demanding pixel peepers given its effective $450 (£340, AU$700 for the Stylus 1s) price tag.

The latest development, though, comes from Panasonic with the ZS100 ($700; TZ110, AU$1,000; TZ100 £550) while the company classifies it as one of its "travel zooms" rather than an enthusiast compact, it has all the manual controls you want, a viewfinder and a 1-inch sensor -- plus a 10x zoom lens, 25-250mm. Unfortunately, at f2.8-5.9 the lens isn't as fast as Olympus', but it's likely the larger sensor may be an acceptable trade-off.

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Best photo quality under $1,000: Fujifilm X100S

With its current price hovering around $700 (approximately £630, AU$1,000), a long drop from the $1,300 at which it debuted, the APS-C Fujifilm X100S enters into first place for photo quality under $1,000. Plus, it has a very nice hybrid viewfinder that switches between optical and electronic. However, it's kind of big to think of as a compact, and while it's great for manual focusing, the autofocus can be quirky. And it doesn't seem to be widely available in Australia or the UK. The most recent update to it, the X100T costs a lot more at about $1,300 (£675, AU$1,600) -- it's easier to find in the UK and Australia, too -- though I've seen it for as little as $900. It keeps the sensor and lens, but incorporates an improved viewfinder and LCD, plus a more streamlined design.

Fujifilm recently announced a less expensive little brother to the X100T, though, the $700 X70 (£550, AU$1,050), which promises similar photo quality but faster autofocus and a more consumer-targeted feature set in a true compact.

The Ricoh GR II ($600, £600, AU$900) which has a relatively narrow feature set is another current option more current and produces images with almost as good quality for a tighter budget.

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Best for video: Sony Cyber-shot DSC-RX100 IV

The lastest addition to the RX100 series incorporates a 1-inch sensor, but uses a new, faster readout technology that allows it to shoot 4K and high frame-rate video for slow motion. It also has a lot of features that serious users need, like timecode and Picture Profiles for different color spaces and gamma settings. However, at $950 (£700 on average, AU$1,100) it's on the expensive side for more casual users. The less expensive (and I think better designed) Panasonic LX100 ($700, £400, AU$700) comes in a close second for easy, high-quality 4K movies.

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Simply best: Leica Q

If money is no object, spring for the $4,250 Leica Q (£2,900, AU$5,700). Great photo and video quality, stellar lens and an unusually modern feature set for a Leica, which includes decent autofocus. Don't want to spend quite that much? The Sony RX1 delivers great photos and comes in at a less-gaspworthy $2,800 (£1,900, AU$3,500) but sacrifices amenities in the Leica, including a built-in viewfinder and decent autofocus. It has a sibling, the RX1R (around $2,800, £2,100, AU$3,500), which has the same full-frame sensor, but like the Leica Q has no optical low-pass filter, intended to produce sharper photos for folks who photograph highly detailed still subjects. Sony added a viewfinder, tilting display and updated autofocus with the more recent, OLPF-free RX1R II -- and it's still cheaper than the Leica at $3,300 (€3,500, or directly converted, £2,134 and AU$4,550). It looks like it might be a formidable challenger.

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