Putting aside image quality which is subjective to the user, the biggest difference to me between a compact and dslr is depth of field, the smaller sensor of a typical compact/bridge camera gives five times more DOF than a DSLR for a set aperture and makes it not as versatile for throwing background out of focus or selective focusing.
So f2.8 on a compact is the equivalent to using f16 on a dslr great for back to front sharpness but not so good for selective focusing at any distance other than close up/ macro photography, and is also the reason most compact camera aperture setting do not go above f8/f11.
Mind you that is now changing with Micro Four Thirds compact interchangable lens cameras with the bigger sensor.
As to the aristic argument there is no as seen, even the camera to a point interprates the scene in front of it and never accuratly compared to the human eye, so altering that image to how you saw the scene in your mind eye is just a extension of the cameras interpration in my view.