I have a Canon A650 IS... I'm happy with it, however, the only reason I bought it insteaed of the G10, was the swiveling LCD (which I find VERY useful on land). If I were buying new, and had my druthers, I'd go for the Canon G11 (which they've now included the swiveling LCD). I've had G-series before, and they are never a disappointment. They've ratcheted back the MP rating on the G11, which I think is a GOOD thing (megapixels are overrated, and they just tend to produce more noise, at the 12MP+ levels). With the same CCD as its predecessor, and a slightly lower MP rating, the final resolution is actually better.
It shoots RAW, and has all the features you'd expect in a top-of-the-line P&S.
The new G11 seems to be getting fabulous reviews, with only the also-new S90 giving it any competition.