A high end compact point and shoot camera these days offer just as many features as a DSLR. You can change aperture, shutter speed, ISO etc. Some of the really high end compacts (like say Canon SX30 IS) even have the shooting in RAW mode, something which is a defining factor for a DSLR these days. So frankly, to someone who is a wannabe pro, the difference between the two types of cameras isnt really that distinct.
The DSLR has the advantage of changeable lenses which basically allow you to explore the world from various perspectives. The ability to add filters and other accessories to the camera is an added bonus for many. However all these add to the bulk one has to carry while travelling. Imagine carrying three or four or more types of lenses in your bag, changing them at the right time while making sure that the sensor doesnt get damaged. To a pro this may seem pretty simple, or lets say something which comes as part of the package. To a not-so-pro guy (someone like me) this is a dealbreaker. I want a camera which can do some pretty extreme photography without having to worry about having a coolie (not meant in a derogatory sense) carrying the accessories.
This is a situation I'm currently being faced with. Still to decide which team I want to be on. But team compact is as of now my favourite.