DPReview has one of their signature extremely long and in-depth reviews that I love up for the Sigma DP1. I remember hearing about this thing some time ago, but apparently technical issues kept it from release until just recently. Well, now it’s been thoroughly evaluated, and the verdict is: great idea, but lacking polish and adequate image quality in many circumstances.
The thing about the DP1 is that it has a big ol’ DSLR-sized sensor and a lot of the benefits that come with it (increased resolution, better image quality, RAW capture), but keeps the small form factor of the point-and-shoot. However, it lacks many of the consumer-friendly features of modern point-and-shoots, and has only a (serviceable, but still) 28mm prime lens, which limits one’s framing options somewhat. DPReview found that in good conditions it was fantastic, but in low light and action it was a poor performer. There’s more (lots more) in the review.