I love the macro on the pentax (Optio W10), I've never owned a camera that took great pictures that close. The macro is my favourite function of the camera... I've got thousands of close ups with it, and a high percentage of them turn out good.
With a steady hand you can capture amazing things!!
This jumping spider took out a mayfly on my screen door:
Plus the underwater shooting is great:
I know you can't beat the quality of a SLR, but the ease and availablility of the pentax optio is second to none!! It's always in my pocket ot attached to a lanyard in my vest.
Very nice for quick bug shots http://picasaweb.google.com/pharps/Bugs# and what ever else you need to capture the moment.
Most of the good shots aren't captured because of a great and expensive camera... they were taken because somebody was there, with equipment ready and had an "eye" for the scene.
Whatever you decide (the G1 in your case Spinner1), take thousands of shots!
(edit: I shoot with the Canon Powershot S2IS, the pentax W10, W30, and older WR33, as well as pentax film gear).