You can sacrifice the need for BW and sepia options for something that has a better quality lens. It takes seconds to convert it in photoshop. There are also more important things than megapixel size such as the quality of the sensor, shutter lag, optical zoom etc. All of which can affect the look of your photos.

I really don't know much about digital point and shoot cameras. Ours is a chep Casio one and it takes awesome photos. If money is no object then a DSLR camera and the right lens will give you fantstic results indoors with no flash but be warned...they are a huge learning curve!

I would say to go into a specialist camera shop and talk to someone that has a clue such as Teds camera or Camera House.