I use this on my Canon G12 which is not small or light point & shoot and I love this strap. I carry the camera via the strap a lot. I've not experienced any issues with the sturdiness of the strap connection. And the connection is nice - I can take the strap off to put the camera into my Otter box. I'm very happy with the strap.
The line is thin, but it's tightly wound and quite strong. It may be Nylon, but I don't know for sure. My wife has had hers for several months, and it shows no signs of wear. It should easily handle the weight of any Point & Shoot camera. She has both the wrist strap and matching neck strap, and they're very good.
No, it's not as thin as it looks in the picture. It's quite sturdy and thicker than you think. I have no idea what it's made of but I use my camera alot and I swing my camera from my wrist, have had this almost a year, gotten wet and no frays or issues. My camera is not a light tiny little thing either. I LOVE IT!