Relative lens quality of expensive P & S cameras (e.g., Leica & Contax)

I'm considering getting a good quality point & shoot as a backup.

I'm curious about the relative lens quality of, for instance, a Contax T2 to a Contax G2 and a Leica Minilux to an M-6. The terms the manufacturers use to describe the P & S lenses lead one to assume they are the equivalent of the more expensive models, but how can this be?

I'd sure appreciate your insights.

Thanks.

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