Modern cell phone cameras are just as good as ~$100 point and shoot cameras. For example this is my latest trip, see if you can (without looking at the EXIF data) tell which images were taken with a cell phone and which were taken with a standalone camera.

So we use our phones as our primary cameras.

Secondary I keep a small point and shoot in my pack. Primary features for choosing it were:
1. AA battery powered so I can leave a pair of eneloops in it for months rather than having to have a lithiumoin and dedicated charger.
2. I went with canon because all the point and shoot nikons were storing videos in quicktime format.
3. Image stabilization, The canon models with the IS suffix have a good optical image stabilizer, I have taken non blury pictures while riding on a bicycle.