That's largely true, but I have noticed, even scaled down to laptop screen resolutions, that there can be a pretty significant difference in image quality even between a decent P&S and a DSLR. I've noticed this most strongly when I borrowed some L-series zooms for a couple hours. There was something I can't quite put my finger on that made the images pop in a way that, even with the same camera and my stock zoom, they don't otherwise.
Plus, there's really no competing with a camera that has a usable manual exposure mode in tricky lighting situations (this is sort of the converse of the principle that the camera phone in your pocket has better image quality than the DSLR you have in your closet at home...)