If I take an SLR it will be the one I already have! I've never missed a shot because I was using a camera with lots of controls, only with a P&S with not enough controls!
I don't want to go with the bottom end of the compacts as I see it being my day to day camera. My day to day subjects wont be too far away.
So here is one hypothetical situation:
G15 ~$500 with accessoriesE-PL3
used $320 comes with one lens
u4/3 to canon FD $50
take one of three awesome options for old lenses to be repurposed:135mm f2.8
becomes 270mm 2.8200 f4
becomes 400mm f4300mm f4
becomes 600mm f4 (the current L version is $13k and 9 lbs)
All in all I end up carrying about a quarter of the $$ i'm used to carrying around. Probably close to a quarter of the weight too!
So I have the good camera to carry around and use prolifically, daily. Then I have the small enough to get there, big enough to get the job done to take on the safaris.