Yes, but I might be biased…
Yes I belive you are missing the point. By the time you've added a sensible lens you are still not even close to the size (or weight) of a DSLR.
Of course the lens size is dictated to a large degree by the sensor size. With the NEX, Sony has tried to cram the APS-C sensor into the smallest bodies possible. Of course you can shrink the sensor size and shrink the lens sizes, but then you lose out on low light performance, depth of field and general image quality. So there is a trade off. Some people won't see it as a trade of worth making - for others DSLR performance in a compact body is definitely appealing.
The other thing (not so important if you don't care about it) is the video performance on a NEX is better than almost any entry level DSLR. And E-Mount lenses are able to continually autofocus (silently) whilst recording.
The big drawback for the moment is the range and choice of lenses. But there is no reason why that won't come over time.
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