I have an SP-350. It takes nice pictures, but even at ISO 100 you can get some noise. It's slow to focus, especially in low light and even slower to write a RAW shot. Without the best xD card, it can take up to 11 seconds. Focus hunts really close up in super macro, so I often have to take 5 or 6 pics to get one in focus, even with a light on the subject. The plus side is, it can do manual everything, so you have great control over your picture. It even shoots ttl flash in manual mode, which the G10/G11 doesn't. As far as the image is concerned, though, they aren't close. The G11 is about 3 generations newer than the SP. It has almost all the same features, but with a much faster processor, a bigger and brighter screen, longer optical zoom. Also, they seem to take good super macro shots while zoomed. The SP locks its zoom in super macro making it very difficult to get a 1:1 shot unless the port is right on top of the subject, which means good lighting is next to impossible. The native wide angle is also wider. Otherwise, the two cameras have almost identical features, from RAW shooting and manual capability to a hotshoe for electrical flash connection. Also, the SP ONLY uses the crappy Olympus/Fuji xD card, which is slow and maxes out at 2GB. The Canon, I think, uses SDHC cards which are available everywhere, are cheap and come up to something like 64GB. Unfortunately, Olympus hasn't made a camera since the SP that truly excels for UW use. It would be really nice if they'd bring back the c5050 with a modern 12 mp sensor like maybe their 4/3...hint, hint Olympus.