I just bought a Casio QV-R51, 5mp, 3x optical, which I am liking.
It's light (app. 5 oz)
It takes AA's rather than proprietary rechargables which are no use for long trips (a week in the alps for example). This rules out most ultra compacts.
Snow scenes need practice, often neccessary to over expose which is easy with the Casio.
I love the 60 second video but would like sound and higher quality.
Having experienced a 2 inch LCD I would not want anything smaller - however it is almost impossible to see in bright sun on snow.
Battery concumption is great with lithium disposables (over one GB of photos over 2 weeks plus much reviewing.
I also think that an automatic integral lens cover is highly desirable for climbing.
The casio is one of the fastest digital point and shoots (click to click) but still not fast enough to catch action (like your pet cat or photo resistant girlfriend!).
I wish it were waterproof.
I will probably get an 8MP ultra zoom as my "main" camera when prices come down but it probably wont to so suitable for climbing.