The best camera is the one you have with you, so I carry a very nice point-and-shoot everywhere. Nothing else has been good enough. But the iPhone 4 is.
The problem with elven cameras like Canon's S90 is that they're awkward to hold sometimes. Richard Franiec's custom grip—CNC-machined from a block of aircraft-grade aluminum and black-anodized to match—adds just enough extra surface area to fix that.
If you enjoy photography, don't make the mistake I did.