“Buying a DSLR is a lot like buying a computer or a car — it’s a commitment to both a product and a company. It’s not to be taken lightly, but if you can match the right model with your goals, it’ll unshackle the shutterbug within you and you’ll soon be taken better pictures than you ever have. ”

More here: http://mashable.com/2012/05/31/dslr-camera-guide/

Its a great mini course on using a digital point and shoot and SLR camera.

Regular Point and Shoot Camera:

Pros:

small size
very portable
inexpensive
most have low quality video

Cons:

slow shutter speed
not many options
cant change lenses
not good for long distance or sports pictures IMO

SLR:

Pros:

Can change lenses
Different Shutter speeds
Many options

Cons:

large – won’t fit into your pocket or purse
Expensive – some lenses can cost 1000’s of $$