It is like a digital SLR camera but tiny. You'we got the same big 24x16mm sensor that catches a lot of light and can create photos with a short depth-of-field. And you'we got the interchangeable lenses. But you don't have the bulk.
My first SLR was a Nikon F90 (N90 for those of you who haven't gone metric yet) and I'we bought a fair amount of lenses and stuff over the years. I was about to upgrade my Nikon DSLR - an aging D70s - when I realized most of my stuff was outdated. I have always felt locked in by my original choice and now I had a great opportunity to switch.