I agree with previous posters that the 1020 will lose to point and shoot cameras in many ways. I say this based on a quick comparison vs. my old camera from 2009. Sure, the 1020 captures more detail, but it is physically larger and heavier, does a poorer job with its auto settings (white balance, exposure), probably can't beat a decent optical zoom (I still need to test), has noisier video in dim lighting, fewer settings, can't focus as close, no external storage options, needs the camera grip to mount on a tripod, has a wider angle lens (may be good or bad), etc.
Regarding dimensions:
130.4 x 71.4 x 10.4 (97cm^3), 158g - Lumia 1020 (without camera grip)
87.0 ? 54.5 ? 18.4 (87cm^3), 115g - Canon PowerShot SD780 IS, around $200-250 in 2009
Of course, the 1020 has a number of advantages besides being able to capture more detail. Mainly the old saying: "The best camera is the one you have with you." It's good enough that you can take some good pics without needing to carry a separate camera around, which is the real game changer and the essence of a disruptive technology. It's the reason hardly anyone uses point and shoot cameras anymore. The 1020 offers the closest experience yet to a real camera instead of a phone camera.
So yeah, maybe there are some trashy entry level point and shoot cameras that the 1020 will beat in most ways, but there's still considerable room for improvement in my opinion. At some point I want to do a detailed comparison with sample pics but I'm not sure when I'll be able to get to it.