If by "ultra compact" you mean one of those cameras that are less than an inch thick, you may have to wait longer.
So far, none have been stellar performers.
There are two that you might keep you eye out for reviews. These two have potential but there is little real world information available yet, because they are new on the market.
The Konica-Minolta X31 and the X50.
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I have found that I rarely carry my digital camera anymore because it's too bulky and the shutter lag is too long. Can anyone recommend a new digital camera that is ultra-compact, has little or no shutter lag, and makes good quality photos? It will mostly be used for snapshots.

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