Just bought a compact myself and I narrowed it down to a TZ5 at first too, 10x lens, hd vid, great reviews. But then I started looking at some HDR shots on the net. That got me interested in an cheap SLR but thy are just too bulky to put in your pocket.
Finally decided a Canon G9. Slightly larger than the TZ but still a compact and with full manual (and auto) controls including auto bracketing for HDR. The G10 has just come out but the G9 uses the same sensor and is actually lighter and has more features (time laps vid). Although the G9 is 35mm not 28mm. But unlike the the TZ all the usual SLR lenses and filters, polarisers etc fit right on (with adapter). Metal construction and good reviews.
The G10 is £370, I got a G9 for £225 from Amazon a few weeks ago but prices seem to be increasing? Have to add that night shots are a little noisy but that could be me, and it is still a (good) compact not SLR sensor.