liliput,
No - compact binoculars cannot, and are not meant to replace "standard" binoculars. They are GREAT for what they are - convenient, small, lightweight binoculars for hiking, travel, and other situations where full-size models are just not convenient or possible.
However, compact models have several drawbacks. Low-light performance is almost non-existant (with the exception of 10x25 models, where it is still very below average - bordering on mediocre). Detail resolution (especially over distance) of the latest Ultravid, Swarovski, Zeiss and Nikon models is quite good, but still nowhere near what you will experience with even a mid-size 8x32 or 10x32 model. Light weight and compact size also contribute to binocular "shakiness", reducing your ability to hold them steady (especially for long periods of time). Finally, compact models have a tendency to be forgotten, set down on the car, lunch table, desk, etc. then lost or stolen - they require more attention due to their almost "invisible" presence.
If you can live with all those drawbacks, they really are dream binoculars for what they provide. I own a pair of Zeiss 8x20 and Nikon HG 10x25, and they are some of my favorite binoculars - they get a lot of use and I would happily buy them again. The new Ultravids are also fantastic, I'm planning on eventually buying a pair in 10x25.
Best wishes,
Bawko