Versatility (work for college and for personal use)

there's no doubt about this! you should start with the DSLR! you've got total control over your photo with this!

why DSLR:

• interchangeable lenses(wide, ultra-wide, tele, super-tele, all around, prime, very fast lenses, macro, tilt & shift, lensbaby) ;
• larger sensor;
• great ISO sensitivity;
• better quality pictures;
• total control (you get exactly what you want!);
• Bulb function...

I'd concur with Brenden; you'll want something to grow into assuming you expect to have a continued interest in it.  

Of note - I bought my first DSLR while on vacation (forgot my point & shoot which was getting old anyway) and wished in hind-sight I'd dropped a little more for one of the Nikons vs. the Sony A100.  The latter wasn't a bad camera, but I fell in love with shooting with the DSLR and promptly upgraded to a Nikon. :)

Go with the Canon 1100D, a DSLR give you more options to grow as a photographer. 

100 % Canon 1100D why:

- Much better image quality (panasonic fz45 has little sensor like pocket camera, with fz45 has just one pllus - more zoom, but with canon yoy can buy superzoom lens, for longer shoots. )

- interchangeable lenses - you can change lens , if you want.

- Much longer ISO setting for low light.

- CMOS - newer sensor , better image quality and lower noise in images.

- you can add external flash, if you would need.

- faster continuous shooting

- faster max shutter speed - for longer exposures

Fujifilm F770 - why?  because if you only have a budget of £350 you wont actually be changing lenses, so no additional value in having an interchangable lens camera - if you really do decide to go for an entry level DSLR rather than a high end compact (the one I've mentioned has decent image quality and 20x zoom)  then consider the Nikon D3200, it's a little more money but nothing else touches it for the price at the moment.

The DSLR will give you a wider range.  You won't regret it!

Definitely DSLR, you will loose some zoom but you get total control of what you are shooting and photos will be in much better quality, plus when you save some more money you can buy some other lenses. 

And have a look on Nikon D3100, for me it looks better then Canon 1100D

Canon 1100D is much better since it's a DSLR and you have the option to interchange lenses ....