In the past five years I've illustrated my two books, taken photos for over 100 magazine articles and more than 30 magazine covers using high-end P&S cameras in the 10-16 MP range.
As a professional photographer for more than 30 years, I also have DSLR Canons and an nice array of Canon L glass to go with them, but I see no point in risking vibrating them to death and dealing with the extra weight and bulk unless I'm doing long telephoto shots, which I seldom do when on my bikes.
It's not the camera, it's the vision and skill of the person holding the camera, IMO. The high-end P&Ss are very workable tools provided you know their capabilities and limitations. And more often than not are faster to work with when shooting from a bike (can be used in left hand easier due to smaller size).
For the bikes I'm likely to pick up Canon's new EOS-M mirrorless APS-sized sensor camera next year that offers the ability to use my EF lenses when needed and comes with a very compact 22mm (35mm equiv.) pancake lens.
These cameras to me might just be the best of both worlds! Not damaged by the vibrations inherent in motorcycle riding, compact, yet able to produce large, low-noise files with the cropped frame sensor that's perfect for telephoto work.