Dave and John: I don't have any experience using digital compacts in poor conditions, so when you say they don't perform well what exactly do you mean. Is it that:
1. uniformly grey skies are bleaching out? If that's the case you're limited in what you can do at the picture taking stage, but during processing, if using Adobe lightroom 2 (I really must upgrade) you can use the graduated filter to darken the sky as I mentioned earlier. I expect this filter will appear in Photoshop CS sometime, but would be surprised to see it in Elements for a long time.
2. pictures lack detail or are noisy? This is to do with the v small sensor size operating at higher ISOs. Small sensors are prone to noise because the light sensitive sights are tiny, and the signal needs more amplification resulting in noise. If using Raw you'll see the noise, if JPEG in camera processing gets rid of the noise by softening the image. The answer here is to use a tripod (like the Gorillapod), so that you can stick to the lower ISO setting. (Or use fast film).
Sensor size is important, that's probably why the 4/3 system could be noisey under long exposure Dave, but not as noisey as a std digital compact. Std APS DSLR sensors will be less so, and full frame even less. When I got my EOS 5D it was for the full frame sensor. At the time it was the only "affordable" one available, but it has lightened my load on many walks, despite being a heavey camera (1.7kg with a 24-105L lens), because the lack of noise means I can use ISO 400 when needed, and at that speed, with the IS lens, I can handhold, thereby negating the need for my 1.8kg c/f tripod. And I have great picture quality, which I can crop into if needs be.
I may have gone overboard on this. I wonder how often Chris uses his EOS 450D at ISO 400.
For sunsets and sunrises, Dave, you really need to darken the sky a lot. It may be possible with a compact by using a technique called High Dynamic Range (HDR). Here you take multiple shots (up to 5 so I recall) of the scene, exposing for the shadows and the highlights, and in between. Then process the images using an HDR program/plug-in. This combines the shots taking the best exposures from each one and combining in a single image. You need a sturdy tripod though (not a gorrillapod) and its no good if things are moving in the frame.
I carry my camera in an Aarn bodypack, which has the advantage of balancing out my heavier load using front large pockets on the shoulder straps, into which I put my DSLR, making it instantly accessible, but before that I just disciplined myself to dump the pack and pull out the camera. The advantage of which is you're more likely to find the optimum position for the composition if not wearing a backpack.