‘Interchangeable Lens Camera’ is a mouthful so I’m going to simply use ‘hybrid’ to save you getting tongue-tied. What is this you ask? Hybrid cameras are the happy medium between DSLRs and compact cameras. As the name suggests, their lenses are interchangeable giving you great flexibility (lens-mount type is generally brand specific), but the size of the camera bodies are very small in comparison to DSLRs which are large and cumbersome.
The biggest advantage though, is that the sensors in these cameras are many times larger than those in their compact counterparts. Four thirds and APS-C sized sensors are the most common (have a look at this info page for more info) and the beauty of this is that you get awesome low-light performance and bokeh (blurry backgrounds).
Hybrid cameras have the potential to produce images of just as high quality as DSLRs while remaining very easy to use. If you want to take your photographs to the next level, Hybrid cameras are a great way to do that.