As smartphones eat into the compact camera market, the demand side of the camera market has shifts upwards. Cameras like the Canon S120 or Panasonic LF-1 were once considered to be advanced compacts; devices that catered to enthusiast shooters looking for portable shirt-pocket machines. However, many modern smart devices produce image quality that is comparable to the matchbox cameras of old, and as such, anybody who is purchasing a camera in 2014 (and beyond) is likely looking at a device that gives demonstrably better features and image quality than their phone. This is the "disruptive" aspect to what the iPhone has done; not only has it replaced the traditional digital camera for many people, it has changed the nature of the cameras that people are buying in its wake.
The benchmark in small, lightweight and slim compact cameras has long been Canon's S-series. The current standard-bearer is the S120, but the range dates back to the S90. That camera was launched in 2009; future iterations did not stray far from it's formula of basic box with above-average photographic features. As a competitor, Nikon's P3xx series launched in 2011, and like the Canon S-series, has maintained a consistent form factor and overall operational familiarity. The P300-320 cameras have traditionally been positioned below the Canon S series, but starting with the P330, the sensor size was increased from the entry-level 1/2.3" size to the more advanced-compact 1/1.7" size to match against the Canon S110. So, is the Nikon P340 a worthy competitor to the Canon S120?