Sony isn't the first manufacturer to talk about making a large-sensor mirrorless camera for compact users but it is the first to actually follow the thinking through with a system designed from ground up for the 'point and shoot' crowd.
Small; innovative designs that are still comfortable to hold; High resolution sensor with excellent High ISO performance (in PASM modes; Good JPEG output quality; Great build quality (particularly NEX-5; Metal barrelled lenses feel impressive compared to peers; Tiltable high-resolution screen,
High ISO capability (a major advantage of its large sensor) unavailable in iAuto mode; Constant overexposure of images wastes highlight capabilities (and no exposure compensation to correct it in iAuto mode; Consumes battery quickly if you use the screen a lot between shots; Poor shot-to-shot times