Sony DSC-RX100 — Small and Light, 20-Megapixels
As of late 2012, my favorite camera for cycling (by far) is the Sony RX100 (see the in-depth review of the Sony RX100 at diglloyd.com).
The RX100 is very small and light yet it’s 20 megapixels— you’ll never think about dropping it into your jersey pocket or any such place.
Great battery life, and exceptional image quality from its Zeiss lens. I recommend shooting RAW, but the JPEG mode produces very high quality results also.
The fill flash (slow sync at -4/3 stops flash compensation) is the best I’ve used on any camera at any cost— literally 99/100 perfect and natural exposures. This alone is a killer feature.
Set the camera to slow sync and -1.3 stops flash compensation, and you'll get a perfect self portrait every time.