Funny thing, back then I originally was looking at the S5000 as well but as soon as I grabbed the little thing and turned it on and took some shots with it, I knew right away it wasn't going to be enough for me (in terms of speed and ergonomics).
It really depends on what you're going to be doing with your camera and your decision should be based on that.
If you're just gonna use AUTO mode on an SLR, then yes, you might as well save the money and get a decent P&S instead. Keep in mind that you'll be spending more money down the road as you learn more and more about photography and crave more and more for high-grade lenses, it's natural, albeit unecessary in a lotta cases
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Tell us more about what you'd like to shoot and what you plan to do with the camera so we can offer you better suggestions as far as what kinda stuff you should get.
It's a fun hobby / art form so even if you shoot with a P&S you can still get amazing shots.