Perhaps, but you're not going to get a much smaller compact with a much better lens on it than that. For what it's used for - street/travel photography - it's amazingly worth it to some.
...still for that price I'd rather have a 6D, D600, X1pro, 2 X100s bodies - one in each colour (because why the fuck not), or a 7D with a Tokina 12-24 F4 and a 24-105L f4 IS