I've been a bit quick about what is a normal lens
A normal lens is the one which gives you the same field of view as your eyes. (I know, how a single lens reflex, even a digital one, can give you the same field of view than a guy with two eyes

. Thats why you have to look through the viewfinder !

). Please read:
http://www.nikon-image.com/eng/LensGuide/t...l#Picture_AngleNow what about your question:
Q1) To clarify, my G5's standard focal point was 10mm, and thus when it states it has 4x zoom that would make it 40mm at full zoom?
NO, the 4x zoom they are talking about is the total zoom factor taking the wide-angle position as the start position before zooming. The wide-angle position is 7.2 mm equivalent to a 35mm lens, NOT a 50mm one
If you want to know the telephoto factor of this camera you have to divide 28.8 by 10 equal 2.88. This number shows the telephoto power of the lens compared to your eyes

and the wide-angle power of you lens is 7.2/ 10 = 0.72 (in this case you turn away from your subject).
Q2) Thus my standard lens on my Nikon is nearly twice as powerful at 70mm?
NO because the field of view crop factor is different (5 now becomes 1.5)
Same calculation for the 18-70 Nikon lens (27-105mm equiv.):
telephoto factor is 105/50 = 2.1
wide-angle factor is 27/50 = 0.54
so the lens of the D70 is evenly wide or telephoto and the G5 lens is more a telephoto lens.
Q3) Are all digital point-and-shoots the same focal point (10mm)?
NO because the field of view crop factor is different. High end SLR have CCD nearly the size of a negative film. The CCD of a G5 is 1/1.8" with a surface of 4.8*6.4 = 30.7 mm˛ and a normal negative is 24*36 = 864 mm˛
It's a big difference in size and you have to make a five megapixel picture of it

So, in fact SLR are much easier to build
Q4) Or are they doing the same thing as Nikon does on their lenses and the zoom factor is based on the low to high focal point?
YES but I think you now understand how to compare lenses: take the equivalent focal length then you know that 50mm is the normal FOV, 100mm is a small telephoto, 200mm is 4 times nearer, 400mm is like a binocular (8x) but use a tripod. For the wide-angle, 28mm is good value.
I think the next step is to speak about the angle of view of all these lenses

If you find a formula, post-it...
Regards,