Replies are probably thin on the ground as this very same question was asked yesterday…
http://singletrackworld.com/forum/topic/up-to-200-to-spend-on-a-compact-camera
FWIW, I’ve got a Nikon P300 (which has since been updated). It’s a nice camera, well built and takes decent pics, but I am not sure I can recommed it based on a few niggles.
There is what I think is a software fault, in that if you choose manual focus point selection, it uses that point to spot meter the scene, even if the metering is set to use the whole scene. Bloody annoying if your focus point is particularly light or dark, but can be got around with exposure compensation.
Focussing in darker conditions can be hit and miss, as well as it sometimes failing to accurately focus, even though on the screen you can see it pass the correct focus position on it’s way to either saying it can’t focus or thinking it has focussed, when it’s actually miles out. Sometimes finding a hard edge for it to focus on fixes it before reframing, but not always.
So, if you look at Nikons, then check the focussing and metering before buying.
I personally would be looking at a Panasonic Lumix of some description.
For £200, you could probably get into the bottom end of the compact system cameras which might give you more options for lens upgrades in the future?