I also wouldn't worry about lag time, it still exists but it's a lot shorter than it used to be.
Please note there is the camera, then there is the media card, which is always a separate purchase. Before I acquired my latest camera two years ago, I went to a cad/cam seminar. The best piece of information I took away occurred during a break related to digital cameras: make sure your media card has a high speed rating.
Lag time can increase or decrease by the processing speed of the media card. For example, I bought a media card capable of holding 1 GB with a processing speed of 80X. When I bought it, Canon's recommended no more than 512 MB. I called customer service to find it had been tested for no more than 512 MB, which meant there was no barrier to the larger size. I asked about speed ratings, they said go as fast I cared to afford though they offered no specific recommendations.
If you economize by purchasing a low speed media card, then you may have the camera waiting to pass information to the media card. It's like three lanes of traffic having to condense down to a one-lane bridge, you find yourself waiting. I bought mine via e-Bay with full manufacturer's warranty for around $70 two years ago.
For years I used to have a high end Nikon with several lenses. I never wanted it, it was my Dad who insisted on it. If I had the digital point and shoot with great built in focussing features available to me, then I would have ditched the Nikon long ago. Plus I love the little film clip feature to record cooking techniques I cannot possibly remember later. When it was finally stolen, I wasn't very sorry about it because it was heavy and conspicuous.
My film card is capable of almost 500 photos. I run out of battery around 375 and keep a spare in my purse that cost $29. The battery recharger is 110/220, which a simple adapter makes it available to go anywhere. When I travel I bring a few writeable CD/DVD blank disks with me to download to at a internet cafe, which I have never used. You also could upload them to webhost like flickr.com, which may not be possible everywhere.
ReneG acquired a camera recently that is very good for low light conditions that rivals film very well. Energy consumption on his camera has dropped enough he didn't find the need to buy a 2nd battery. He runs out of space on his media card before the battery dies. Info on this camera may already be on this board or he may chime in eventually.
Last but not least, you can keep thousands of pictures on your computer without getting anything processed. Tremendous amount of savings, plus for less than $100 you can acquired PHotoshop Elements, which has about 80% of Photoshop Pro's $600+ program. You can crop and modify to your heart's content. You can pass your image to anyone by a few clicks.
The aforementioned Nikon camera did break occasionally and usually at a critical moment. The cost of repair was far more than any digital camera I have owned to date.
Now I feel ill-equiped when my camera is not with me. I lent it to my sister Friday with the caveat to return it the same evening. I was not very happy Saturday morning when I pulled in front of Kendall College to have no camera available to record the ice sculptures. I hate missed opportunities.
My veteran of 24000+ photos has been a real asset and
almost always with me.
[edit to correct a name]
Regards,