I wanted to start a new thread because the original thread I responded to went WAY off topic. DSLR owners are going to be defensive about this subject because they will interpret it as a personal attack against their personal chioice of equipment, it is not. Having said this, I'm sure that there will still be plenty who ignore that disclaimer and want to get offended anyway, so be it. This is for people like me who are wondering if they can have more fun and get better image quality with cameras they already have versus throwing money at an expensive new piece of gear which nowadays isn't easy for everyone to do. So if you have more time than money, let's start.
Sometimes it feels like flogging a dead horse trying to get some folks to think in new ways about the digital image making process, let's just call 'em "Old Dogs". The following is for those still able/wanting to learn "new tricks" and is only applicable to tripod mounted still-life/landscape/nighttime photos only, NOT ACTION! so if your thinking of being superior by popping up and saying it's not for action or handheld shots, you're too late you combative geeks! (And you KNOW who you are)
Conventional wisdom states that if you take a DSLR with a huge sensor and a P&S with a small sensor and shoot an exposure with each of them, then compare, the DSLR will win every time. BUT consider this... What if you stitch together two shots from your P&S? Ignoring the percentage of overlap for simplicity of calculation, you have doubled the size of your virtual sensor! 4 shots = 4x sensor size, 200 shots = 200X, and so-on and so-on. Getting it yet?
I can hear the argumentative types now saying, "But what about dynamic range, per pixel sharpness and noise from the smaller pixel sites?"
Do an internet search on "HDRI" "Super resolution" and "Image Stacking" for your answers. The latter two techniques were originally created to increase the resolution and decrease the noise of satellite images and astrophotography.
I'm not putting down costly DSLRs, I'd love to save for a 7D or D300s, but I
am saying that with some time and technique I can surpass the quality of a single frame DSLR exposure with the P&Ss (SX110is and G11) that I already own, a tripod and some well chosen software... If any DSLR owners are offended by this assertion, sorry - it's not my opinion, it's just science. And remember, only zealots argue with science.
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Don't forget to have fun.