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Looking at the Canon S100 which is considered to be a great camera - it has a 24mm-120mm (equivalent) F2.0-5.9. If they can do that in the compact camera, surely it wouldn't be *that* expensive or difficult to manufacture a 18-55 (F2.0 - 4.0)?
This little Olympus XZ-1 is 28mm-112mm F1.8-2.5 is even better http://www.olympusamerica.com/cpg_section/product.asp?product=1530&page=specs
I just thought the fact that these small camera's have a 1.8 lens at the short end - and zoom - means it could be done without being too heavy and expensive.