Let's not confuse shutter lag with autofocus speed (or lack of it). When I refer to shutter lag, I am referring to what rifle shooters call "lock time," the brief span of time between triggering the release and when the shutter actually opens (or the time between when the trigger is pulled far enough to release the firing pin hammer and when the gun actually fires).
I take the list that Tim linked us to to be actual lag time, not including time taken by autofocus mechanisms searching for focus.
Autofocus speed varies considerably. I have several AF lenses that operate from a servo motor in the camera, and others that operate with their own independent motor. The latter are much quicker in action.
I do shoot a lot of sports. I also shoot a lot of feature and musical and theatrical performance stuff. Some of this is pretty dynamic, some is not. During a shoot I constantly focus and refocus as the scene in front of me progresses. This is the drill with or without autofocus systems. When I see a good expression forming or a composition setting up, or prime action developing, I want to shoot and not miss it. Excessive shutter lag time frustrates me.
Excessive shutter lag time was, in fact, one of my prime complaints about the Nikon D1H SLR, which is a lot faster than any of the P&S cameras on the list Tim linked us to. Nikon must have listened to people like me, because the D2 camera series (which replaced the D1H) reduced the shutter lag time to levels commensurate with my old Nikon F5 film camera, which was blazing fast.
As for the sports shooters popping off in bursts and then choosing from a series ... . Yep, I do that sometimes, too, at a speed in the 8-9 frames per second range. I sure couldn't do that with shutter lag time that exceeds a fourth of a second.
It is true that a lot of fine pictures are made with digital point-and-shoot cameras. I only raised the shutter lag issue because it is important to me and my way of working. Call me an old dog that really doesn't want to learn the particular trick of dealing with extended lag time on exposures. As long as my back holds out (and that's an open question, 'cause it's "iffy") I guess I'll stick with an SLR for hiking (or go sans camera).
When the shutter lag gap closes sufficiently I'll lay out some bucks for a good P&S to take hiking. I am hopeful this will happen ere long.
G.
P.S. (especially to Seema): Please accept my apologies for contributing to thread drift here. I got my answer, and now have said more than my due piece on the shutter lag issue, and will try to be a good boy from here on out.