Advantage #3 More manual controls so you can make creative control decisions regarding exposure, composition and visual impact.
Advantage #4) You see exactly what the lens sees. With P&S cameras it is typical to use the LCD to compose and take the picture while with DLSR cameras, a viewfinder is still the choice. That way you see exactly what the lens sees in real time.
Advantage #5) Ability to use external flash units via hot-shoe attachment. External flash units are more powerful than built-in flash and also provide more softer more flattering light without the dreaded red-eye. Digital SLR camera prices have come down substantially in the past several years. Although not as inexpensive as a point and shoot, the advantages of digital SLR cameras is that is will make you a better photographer. Photography is an expensive hobby, but it can be very rewarding.