1020 is a very versatile package. It's difficult to pin point exactly where it fits due to the specificness of its design. What it certainly may do, is reduces the appeals of prosumer cameras like the Canon S110 - while 1020 won't replace DSLR & lens in the studio - it serves to capture high quality image for the masses in a very unique way - in that sense it's difficult/expensive to match.
To match 1020's lossless constant aperture zoom capability on DSLR (3x F2.2 lens) - you're looking at something like the Canon L 24-70 F2.8 (slower, unstabilised, discontinued) for about ?700 off eBay; or ?1795.00 for the mark 2. That's not even including the camera body, nor the flash. (bulk, having to charge, etc) To match it's audio - you need a decent external stereo mic - which you most likely won't have always on you, etc. No brainer really.
That said - if you plan to go around looking like a tourist - it's not a bad call to spend around ?400 gets you a decent 600D kit, throw in a ?76 50mm prime - that's all the gear you'd need - but then you'd need to carry around a phone too.
If you're that into photography - chances are you've got gears and are looking into 1020 as a backup. If you haven't got gears yet - then it saves you the investment of the bulk of lens, flashes, bodys, systems. If it turns out you're really into photography - 1020 might open your eyes for a DSLR down the road.