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I just bought the S100 from Best Buy and though it's certainly not a bad camera, I'm not as in love with it as I thought I would be. I do love that it now shoots 1080p video with one-touch recording, as well as has a GPS. The f/2 lens is nice (S95 had that though) and the screen is big and beautiful. Otherwise..... it's a point-and-shoot. .... ......
http://freshphotoblog.wordpress.com/2011/10/25/gear-review-canon-powershot-s100/
How stable is the video? About like shooting one with the 7D?
I really want a G12, but since I don't have the coin for it now, I am going to wait until the G-series replacement comes out. It should be sometime next year, which is fine since I am not in a hurry. I would mostly use it for a backup, and to do documentation for work, especially if it has video capability.
Rick, the video is pretty stable. IMO, a bit more stable than a dSLR with an IS lens - the small size and light weight of the S100 makes it quite easy to hold stably, and the IS does a good job.
I wrote up a short review of the S100 for CanonRumors.