From what I read, non DSLR cameras tend to do lot of pixel guessing and are not truely what they are rated at. So a 12mp camera may be more like 6. At least that's what it seems like when I open up a picture at 100%. Am I better off just shooting at 6, or will it then be more like 3? I always like to capture the most information I can, then resize/crop after if needed.
My camera is a SonyCyber-shot DSC-w210. If the lighting is right and all the planets are aligned and I'm taking the picture at the right angle, it will take great pictures, but most of the time, when I look at a picture zoomed in at 100% it feels more like I'm zoomed in at 200%.
It depends on how the camera handles it, but unless your camera has pixel-scaling (or whatever it's called) facilities, it may not make a whole lot of difference.
Here's samples shot using the Fuji HS20EXR bridge camera - the interest point for the Fuji is that the special EXR sensor modes specifically cut down the pixel count and tie them together while shooting to achieve better pictures. The HS20 has three EXR modes - dynamic range priority, low-light, and resolution priority - each mode steps down the pixel count before adjusting anything else, but the processing is done using the sensor itself, not in the images produced.
I shot the first picture (all pictures at same focal length / distance from subject, shot on tripod) in automatic at maximum sensor resolution, and the second in dynamic range priority EXR. The difference should be pretty noticeable.
Now, what I did is resize the full-pixel-count pic to match the EXR image. You can see that EXR definitely has an effect. So it really depends on how your camera behaves when you reduce the pixel count in-camera. I have no experience of the Cyber-shot so can't speak of it, but perhaps you could try a similar test - i.e. choose a relatively static subject, shoot at full res then reduced res, then try resizing the full-res picture to the same size as the reduced-res picture and see if you notice a major difference.
To put the EXR performance into perspective though, this picture is from my APS-C compact.
