Canon PowerShot S5 IS

Pros: Hot shoe, bigger LCD, better menu set up. Buttons are easier to reach.

Cons: Battery door is hard to close. Buttons are soft.

Summary: The longer I use it the happier I get. Unlike the S3 this is a real update of the S series camera. So many little changes were made that you are relearning things but overall made it a better camera.

First thoughts after buying;
1) The new lens cap is even worse. It seems like it pops off a lot easier then the S3.
2) While the batteries are now easy to get in and out it is now harder to close the battery door.
3) It is now heavy on the battery side. There must be more plastic this time, making it noticeably heavy when you hold it for the first time.
4) The increased body size is enough that you will have to hold the S5 with your right hand differently form the S2 or S3.
5) The button layout is easier to reach but are soft to push. There is not sensitive so you have to push hard to get a result.
6) The menus have changed some, the ISO now comes up as a pop up menu you can go back and forth with so you do not have to cycle through the whole list to get the setting you want. Overall it is streamlined.

The camera has had a overhaul. It is much more fitting the category of a prosumer camera then the versions that came before with the hot shoe and 2.5 LCD a long awaited addition. It still holds true to being a point and shoot by being simple to use and figure out. Two of its best selling points, AA batteries and a flip LCD are still there. More few more options have been added without taking away any of the previous ones.

For S2 and S3 users who own the lens and batteries already and still want more out of their camera this is a great buy. The upgrade from the S3 is noticeable and more then the casual user will most likely make it worth the money.
For a new user to the S series the 500 dollar starting price it is probably not be the best buy for you that amount of money. Once it drops in price then it would be in the right price range. Particularity for those who want the ability to choose their own settings and do not want the hassle of owning a SLR and multiple lenses.

With the Panasonic FZ50 and Sony H9, Canon really should have done more to make the S5 standout from the competition and worth its high price tag. The S5 is now where the S series should be, features, settings and a hot shoe.