Depends
On what you want it for.
I have a hp with 2.1mp, but it has a 3x optical zoom.
It takes beautiful pictures. I download and manipulate with photo processing software (PhotoShop, or the quick software that came with the camera for flips and crops) on my desktop. I have blown up to 8X10 on picture paper (for gifts) and framed, and they are just lovely. They are not professional portraits, but they certainly have made my family quite thrilled.
The zoom is a much more important function - true optical zoom will make all the difference in the world. Digital zoom is just that, you might as well have downloaded it and enlarged it in a photo processing programme. I would trade pixels for optical zoom anyday.
I'd also take a really good look at the batteries and the battery compartment. My camera uses 4 batteries, and I would much prefer 2, just for a much smaller and more convenient physical envelope. Rechargable batteries are well worth the extra expense because battery life in a digital camera is quite limited.
Finally, you need to make decisions about the memory. I have some built in memory, which I highly recommend because it holds the cameras software and a few other goodies. But, what do you want for the longer outing? SD memory is tiny and quite convenient, although still slightly more expensive than other types of chip/stick memory; it is likely the new standard for this type of memory if it lasts. They have cameras that shoot direct to a CD now - this will save the trouble of downloading and the expense of extra storage. I haven't read much about them, but it seems like a good idea. It will, however, take more space so it might compromise your decision with respect to the physical envelope of the camera. I'd still always leave my memory chips to a reasonable size (i.e., 32M) - if it gets damaged and you have no backup, at least you don't lose your entire vacation on one chip.
Last time I travelled I downloaded my camera continuously on the way and burned it to cd. I brought my cable and used my neices computer, but I'm sure I could have done it at any internet café - it just uses a USB cable and most places have some sort of software that works (although I use a Mac, so iphoto works for everything). I could also have also then uploaded them to some internet storage space and never have been concerned about data loss or running out of storage space at all throughout the trip. At the family function we took her laptop to the hotel and left it in the room. I used only an 8M chip for the whole affair - and just popped up to the room when it was full.