I bought one of these point and shoot cameras before a recent family vacation and think this is an amazing little camera! This is the latest in the Canon S90, S95 and now S100 line of point and shoots with full manual control- this time using the DIGIC 5 processor. It has all of the modes a Canon SLR shooting will know already- P, AV, TV and M plus some special modes such as a crazy 10 FPS "burst mode" for fast action. I haven't tested the burst mode yet but will soon.
The lens is f2.0/24mm to 5.9/120mm. The best part is shooting in RAW with a P&S. Of course, it also shoots full 1080i HD video. One crazy thing about this camera is the flash. It actually works pretty well. Since it has full manual control you can drag the shutter and then use flash compensation to really dial in the exposure. I was in dark ass restraurants and got some amazing pics dragging the shutter and then setting the flash compensation to -2/3 to -1 stop. I sometimes tape a strip of 1/4 CTO gel over the flash on P&S cameras outdoors but didn't try that yet since this is a retractable pop-up flash and can see the gel getting stuck inside the camera and screwing things up.
This camera is also pretty tough. It got soaked when a damn dolphin soaked me at Seaworld and I immediately thought "there goes $360" but after quickly wiping it down it has suffered no ill effects but I definitely got lucky. Anyone looking for a great P&S should definitely check this camera out. The Fuji's are also excellent but don't really classifiy as pocket cameras in my book and they are much more expensive. There is a pretty cool WP housing available from Canon for around $230. They may be a really cool set-up for underwater stuff.