Is it at all possible to get as good night shots with a P&S as compared to a dslr if given a tripod and low iso and long shutter exposures?
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Compare a Hummer army go anywhere vehicle with a little Volkswagen. At all times, the Hummer will be bigger and take more passengers and go over more terrain than a little Volkswagen.
However, is that the point of comparing the two vehicles? In that case, might as well throw all the Volkswagens onto the junk heap and drive Hummers.
You are comparing two cameras at low ISO and on a tripod. That means it is nearly like shooting in daylight. There are millions of P&S sold and they produce "good enough" shots for millions of owners. Yes, the P&S has a smaller sensor (Volkswagen) but the photo is still acceptable enough for people to earn money - produce magazine shots etc.....
The P&S being a lower cost camera and a simpler market camera may not have the mod cons - like holding the shutter open on "B", having a remote or wired shutter release, self timer, choice of f/2 lens and so on. Those are its disadvantages. But at ISO 50 or 100, it will produce satisfying photos.
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Ananda
http://anandasim.blogspot.com
https://sites.google.com/site/asphotokb
'There are a whole range of greys and colours - from
the photographer who shoots everything in iA / green
AUTO to the one who shoots Manual Everything. There
is no right or wrong - there are just instances of
individuality and individual choice.'