Cameras

I've had lots of point and shoot digital cameras over the years. The resolution keeps getting higher, and the features more sophisticated, so I'm struggling with the decision of what camera I should buy?

1 - Should I go with a standard point and shoot model, or opt towards a more advanced DSLR and get more serious about photography as a hobby.
2 - More to the point, I like the really small form factor of point and shoot models (easy to carry around, can take pictures just about anywhere you're at), yet I can see the advantage of a more sophisticated DSLR with interchangable lenses, ability to connect to my telescope, etc.
3 - Price - always a decision point.

Advice, experience, anyone?