Much has been said about P mode, also known as "flexible" mode. Basic and interesting information about P mode can be found here. So I'm not sure if I can add something interesting but after few tests I wonder if P mode does more than I though it does. For example: with a 18-140mm Nikkor lens attached, the P mode chose 1/640s - 1:5.6 at the top of the zoom. There were other posibilities, but the P mode chose this particular combination. So I would say the camera knows the lens, and have the focal lenght in consideration at the moment of choosing the right speed - aperture pair. I don't know if P mode chose 1/640s to avoid lens blur (despite of VR ON), or to force 1:5.6 for image quaility issues (only Nikon knows). In any case, this would be the reason P mode is considering the best "point and shot" setting: you can rarely miss a shot using P mode.