I have no experience with the T2 but I do have experience with the TVSii (zoom version of the T2).
On Gumtree I found a Fuji Tiara Zoom plus 3 other shitty P&Ss (not pic related) for like $80 so I bought them. Used the Fuji and loved the thing, small light, nice zoom range and sharp as FUCK lens. It eventually bricked on me and I was pretty pissed. In my search for a replacement I bought a TVSii instead of another Fuji bc I wanted to see what the Contax hype is all about.
The TVSii is a very impressive camera, solid as fuck, same zoom range but the lens is faster, aperture priory, exposure comp, manual focus, sharp lens, feels good in the hand. It does everything my Ricoh XR7 does and it has AF and flash. You'd think that's be good right? But you may as well use the SLR over a P&S if it gives you that much control. I think a P&S should be a camera you can use without thinking too much. I'd constantly be changing setting and fucking with the camera (maybe this a problem with using a zoom lens idk) before taking a shot. If I use my Olympus XA3 or Mju II all I think about is the composition of my shot.Sure you could use a P&S with as much control as the TVSii as your only camera but I think using the right tool for the job is always a better approach. The TVSii is also huge compared to the XA3/Mju II and just as heavy (and almost the size) as my Ricoh XR7 with the Rikenon 45mm pancake.
All and all I think something like the XA3/Mju II is the ideal point and shoot, compact, great lens (XA3 has a better lens the corner sharpness of the Mju is pitiful) and just all round ease to use. If I want more control I'd use my XR7.
Also my TVSii died on me after 3 rolls, the ribbon cable in the lens snapped. This is a common issue with the TVS line but am unaware if this is an issue with the T line. Luckily someone on eBay sells the replacement ribbon cable so all I need to do is find someone who can repair it for me.