I faced this choice about two years ago. I was tired of lugging my Canon DSLR and a bag of lenses on my European vacations.
My solution was a "bridge" camera - something between a DSLR and a P&S, a camera with a nice big sensor for low noise images and a versatile lens. I got the Panasonic Lumix DMC-FZ1000. By now (even then actually) this camera is a bit old - I got mine as an "open box buy" on Amazon for about $100 off, though it had only 135 frames shot on it and seem pretty new to me. (And if I hated the camera, I could still send it back within 30 days for a refund.) But this turned out to be a great solution: though the camera is definitely limited in some ways compared to my Canon DSLR, it has some unexpected benefits.
The DMC-FZ1000 has a zoom range of 25mm-400mm (35mm equivalent range). I never thought I'd shoot at 400mm or that the images would be very sharp, but surprisingly, I do, and they are quite sharp. The image stabilization system is built into the camera and is very good - better than that in the Canon lenses I think. I've been surprised that I can shoot sharp images hand-held at 1/125 sec at 400mm, if I can keep my hand steady.
I do miss being able to go wider than 25mm - but not often. I used to take my 17-40mm with me to Europe (my Canon is full frame so 17mm is pretty wide on it). But not being able to get a few shots is a compromise I've been willing to live with in exchange for not having to lug all that extra weight around - and not needing to change lenses all the time!!!
One other limitation is the limited aperture range. The FZ1000 opens up only to f/4 at maximum zoom, a little more when zoomed in, so it's not especially fast. On the other hand, because it's got a big sensor, you can crank up the ISO a little and still get usable images in low light. The camera can "blur" the background to simulate the narrow depth of field effect, though I've not tried it, as this isn't an effect I use very often anyway.
Aperture is limited the other way too - the smallest is f/8 which I find even more of a limitation. I like to shoot long exposure shots on a tripod (car light streaks for example), and at f/8 I'm greatly limited in how long the exposure can be. My canon lenses closed down to f/22 or smaller. I do have a ND filter I can add on the end to darken it a little, but it's still a pain.
The Lumix does shoot RAW - I shoot everything in RAW+JPEG. It was a whole new flow to learn and figure out vs. the Canon flow I was used to (I don't use Windows or standard photo software like Lightroom), but I did get it figured out, and I find the RAW files extremely useful.
Panasonic has successors to the DMC-FZ1000 you can look at. Sony's line of bridge cameras, the RX10, is superior to Panasonic's in a number of ways (e.g. better zoom range) though I think both companies use the same sensor. And the Sony is much more expensive, which is why I avoided it at the time; my Lumix cost me about 1/2 what the current RX10 would have cost at that time. I guess Canon and Nixon have them too - but I was kind of tired of Canon after years of having some design issues that Canon didn't seem to care about, even though I had paid a lot of money for their gear. Panasonic and Sony haven't traditionally been marquee names in professional photography compared to Canon and Nikon so have had to work hard with good designs to be competitive, and I like that.