My EDC is a Canon SX-130
-compact enough for most activities
-not so expensive that I'll cry if it gets smashed, though ime Canons are pretty sturdy.
-Manual mode, and up to 15 second shutter for long exposures
-firmware can be hacked to shoot RAW and take time lapse sequences
-uses AA batteries
-takes pretty good pictures, I've printed them 12x18 and exhibited them.
-28-336mm equivalent zoom
I also usually bring an Ultrapod II, which I really like:
http://www.industrialrev.com/ultrapod-ii.htmlI have a micro 4/3 mirrorless camera (Lumix GF2), it's light and great for day hikes and walking around the city, but the battery doesn't last for trips away from electricity, and I wouldn't want to do anything too risky with it like shoot one handed while mountain biking. Also have a D90 DSLR, which takes great pictures and the battery lasts for weeks, but it's a lot to carry and I'm even less likely to take chances with it. And a cheap little waterproof camera, which is fun but the image quality isn't great and it doesn't have any manual mode.
Protip: buy cameras cheap on closeout when the new models come out, you save a lot of money.