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 has a new market overview and adds the Leica Q and discussions of Sony's latest models, the RX100 IV and the RX10 II.

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 f3.5-5.6. 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 Cyber-shot DSC-RX100 IV; Sigma dp1, dp2 and dp2 Quattro; Fujifilm X30, XQ2 and X100T; Ricoh GR and Leica X Vario.

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

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Sensors

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."

That's partly why Panasonic's entry into this segment with its LX100 is so interesting. A veteran competitor here, the company jumped straight from its 1/1.7-inch LX7 to Four Thirds. 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 models and the Canon PowerShot G7 X, in a body 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: Sony Cyber-shot DSC-RX100

Now that you can find it for less than $350 (£280, AU$750), this first-generation, almost 3-year-old camera is the least expensive no-compromise option. It's not nearly as good as more recent cameras, and it has the old, slowish lens, but it's also not nearly as expensive as the better models and it's still a great step up from a typical point-and-shoot.

Another model worth mentioning is the Fujifilm XF1. Though it has the looks of an advanced compact, it's a lot more automatic than most of these. However, you can find it for less than $200 (roughly £140, but doesn't seem to be an option in Australia) if you just want the larger sensor and no fiddling.

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Editors' Rating
4 stars

Typical Price: £500.00

See manufacturer website for availability.

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 $800 (£590, AU$1,100), so it's not necessarily the right pick for everyone. If you want second best, the slightly less expensive -- at least in the UK and Australia -- RX100 III ($800, £550, AU$1,000) is still a great choice. The RX100 II is still a better value, especially if you don't care about the tilting LCD; though at about $600 (£400, AU$800) it's still not cheap. We'll have to wait and see if the RX100 IV -- more expensive right at $1,000 (directly converted, £645 and almost AU$1,300) -- can retake the top spot.

The $650 Canon G7 X (approximately £400, AU$750) has the best photo quality in the 1-inch sensor class for less money, but it's slow and its connectivity isn't particularly well implemented.

The street price of the Nikon Coolpix A, with its APS-C-sized sensor, has dropped significantly since its launch to roughly $600 (£500, AU$650) and now competes against these models. Though the image quality is very good, the fixed focal-length lens, 2013-era feature set and quirky autofocus performance keep it from being as well-rounded as one expects in this class. However, Amazon lists it as discontinued so I'm looking forward to an update.

Furthermore, with its built-in EVF, the LX100 also reigns as the best model with a viewfinder. I think EVFs work better in this class of camera than the small, hard-to-use optical viewfinders of yore. 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, at least in the US. However its street price is starting its inevitable creep upward; the last time I updated it was available from a lot of places for around $400, but now it's closer to $500. 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 $600 (£400, AU$600) price tag. The only potentially close competitor is the Sony Cyber-shot DSC-RX10 and new RX10 II with its shorter, 8.3x lens; those cameras have a larger sensor that delivers better photos, but they really don't qualify as compacts.

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Editors' Rating
4 stars
Pricing is currently unavailable.

Best photo quality under $1,000: Nikon Coolpix A

If you want the best photo quality under $1,000, an effective price drop on the 1.5-year-old Coolpix A down to about $600 (£400, AU$650) makes it a great bargain for a camera with an APS-C-size sensor. It doesn't have a huge feature set, and its performance isn't great, though.

However, Amazon lists it as discontinued so I'm looking forward to an update.

For more, the $900 Fujifilm FinePix X100S (£800, AU$950) also has great photo quality. 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. The most recent update to it, the X100T seems to cost just a little more. It keeps the sensor and lens, but incorporates an improved viewfinder and LCD, plus a more streamlined design.

Leica also offers its X2 for about $2,000 (£1,300, AU$1,500), which is relatively expensive; the company's latest X Vario is even more so at $2,100 (£1,500, AU$3,000), though it's the first APS-C compact with a zoom lens. The lens is pretty slow, however (it hits f6.4 at 70mm).

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Simply best: Leica Q

If money is no object, spring for the $4,250 Leica Q (£2,900; Australian pricing isn't available yet, but it converts to close to AU$5,500). 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 $2,000 (£1,940, AU$3,500) but sacrifies 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.

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Editors' Rating
4 stars
Pricing is currently unavailable.
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