I hate the term "point & shoot". It's not really accurate in describing higher end fixed lens cameras.
I'm not sure how much the gap is really narrowing, as high end compact cameras have been able to produce outstanding images for years. Honestly, if you're shooting 800x600 for the web, just about any decent camera made in the 21st century will do that.
As far as advantages the SLR still has, noise. It's not just at high ISOs. An SLR like the D40 has less noise at ISO 400 than a compact like the SX10 has at ISO 80. The noise reduction needed by small sensors to get noise down to that level can smear fine detail.
Very few compact cameras can output RAW files that let you bypass in-camera processing for the best image quality. That is one are where SLRs definitely provide more control.
I have no problem shooting at ISO 400 with a DSLR all the time. Would you try that with an SX10? No way.
Speed is another area where SLRs are still vastly superior. Even a low end SLR like the D40 is much faster than a compact camera. The autofocus and continuous shooting are both much faster.