The question is, do you want a higher megapixel count camera, or do you want more actual details in your pictures?
And I'm not one of those "theoretical argument" people - you can search for "imaging resource comparometer" and compare studio shots yourself. But currently, the best cameras for real resolution are the "serious compact", lower megapixel cameras.
The current king of compact resolution in it's size is the Canon s95, a 10mp camera. A ton of people, including Nikon dslr shooters, get one to compliment their dslr so they have a camera that fits in their pocket. It has the best real image resolution you can get out of a compact camera of any sort (anything smaller the micro four thirds or a dslr) you can get today.
It has some competition, but they're all bigger, and some of them are even believed to use exactly the same sensor - the Olympus xz-1, Canon g12, Panasonic lx5, Nikon P7000, Samsung tl500...but they have the same real image resolution as the s95. Here's a pic of the size difference -
(ok, dpreview's gallery stuff is just being a pain and not working, the s95 is about half the size of the other cameras, while a little bulkier than the "deck of cards" sized cameras I carry mine in my jeans pocket all the time).
However, the drawback of the s95, and all these cameras, is that they don't do high resolution video. The s95 is 720p@24fps. So is the g12 and p7000 (same sensor). The lx5 does 720p @ 30fps with manual controls...probably the best, but not
that much better. The xz-1 does the same as the lx5 except it has a poor reputation for video quality in comparison.
If video is your priority, on paper the officially announced but not yet released 12mp Nikon p300 is probably your best bet -
http://www.nikonusa.com/Nikon-Products/Product/Compact-Digital-Cameras/26246/COOLPIX-P300.html#tab-ProductDetail.ProductTabs.TechSpecs
It does 1080p video at 30fps. Despite having a higher megapixel count, it probably won't have quite the real resolution of the s95. But it's designed as an s95 competitor so it will probably be about as good as you can get with that sensor. According to the specs it will also do a 7fps burst in continuous shot mode (at full resolution), which is waaaaaaay faster than the s95's "2fps in continuous at best" shooting speed.
So basically it would be between the Canon s95 and the Nikon p300, in my opinion.