One thing I have against this camera is that it does not have a raw option.
When taking pictures (not moving pictures) this is a bit disappointing
limitation for more advanced photographers. I also do not like the lens cap on this camera.
Image Stabilization is a great thing, and it has became quite popular in zoom digital cameras. Canon took a next step and combined IS with excellent movie mode!
Most other choices (example is Panasonic Lumix DMC FZ series) does not offer excellent movie mode.
The exception could be the new FZ 30 which has good movie mode. I have not played with
Panasonic Lumix DMC FZ 30, but people more serious about photography (which includes shooting raw) and good movie mode
may consider researching this camera as an option.
http://www.dpreview.com/reviews/panasonicfz30/page8.asp
I find it interesting why IS is so popular amongst zoom digital cameras. Here is my explanation:
All (or almost all) cameras which are not in the SLR ($ 1K+) category produce quite noisy pictures if ISO is set above 200.
In my opinion the noise is a result of a pixel race. To squeeze more pixels on the sensor (CMOS) manufacturers keep reducing the size of photodiodes which sense light, thus photodiode is hit by smaller amount of light and the background noise levels become more and more significant.
Photodiodes produce analog output which is later digitized by the camera circuitry.
To increase ISO sensitivity the analog signal is amplified (and so is the noise).
This explains why the new high MegaPixel cameras are so noisy.
If you want to shoot tele (in a distance) you need either fast shutter speed (which can be done by increasing ISO or/and very expensive lens with low F value) or some other way such as IS. Since the pictures above ISO 200 are all noisy the IS gives you ability to shoot with longer exposure and thus lower ISO.
I use a digital SLR and no self-respecting SLR would be caught dead with a movie option. I will envy all of you (S2 owners) the IS mode, the IS lenses are all very expensive (IS typically adds 400-600$ to the cost of the lens) and I do not have one.
I wrote all of this to share observations from an enthusiast photographer point of view.
S2 is a great camera and will produce very nice jpeg pictures if you are a point-and-shoot type of photographer. In fact I bought one for my father so do not feel bad if you have one already.
And I am 100% with John, using camcorders to capture skiing footage is a pain in the aft area, and using digital camera make it so much easier.
FYI: the typical reason why digital cameras do not zoom in the movie mode is because the focusing mechanics of the lens is typically quite loud and it messes up the audio part of recording. Canon has introduced (in some of their better lenses) a new quiet and fast ring-type USM focusing mechanism. I believe S2 is using ring-type USM which does not interfere with the quality of audio recording and is very good (I belive the best in the industry).
Robert