Fuji x-s1 or Panasonic FZ200?

Of course, a smaller sensor will always mean a compromise.

With a DSLR and 18-55 + 55-300 combo, it costs you more, you get a 450mm equivalent with an f/5.6 aperture at the long end, and have to lug around different lenses. With the FZ200, you get 25-600mm equivalent and f/2.8 aperture in one package, albeit with a smaller sensor.

Of course, DSLR will give you better IQ... but are you shooting for National Geographic or for your personal web site or FB / Flickr account to share with family and friends...??

Either way, you compromise something... your choice !