working with jpg and raw is not the same. I avoid working with jpg if I can at all help it...it is a compressed image and hence you have lost data and some ability to manipulate without increased artifacts.
The macros in this gallery were all done with a Canon SD400 digital elph:
http://www.nostatic.com/photos/random1/
And those are no tripod, available light, and not the best examples. P&S do fine if you get the right one. Compare the macro settings...I like to shoot *really* close so I look for something below 5cm, with 1cm being my ideal. My P&S do not do raw however, but I put up with that because of the increased portability and ease of use. I mostly shoot with a D70 and 105mm Nikon Micro lense when I want the best results though.