I bought my Canon S2 IS more than 20 months back during the ThanksGiving sale. This is my first camera. For the last 20 months I am fully satisfied with my purchase. Almost everything about this camera satisfies my requirement.
PROS:
Excellent picture quality.
The 12X optical zoom helps in taking distance pictures clearly. It also have 4X Digital zoom. Day time you can use the full 48X zoom to take pictures at a large distance.
Four pencil battery helps in taking a large number of pictures before you run out of power.
Flash is very strong and it helps to take clear pictures at night.
Video mode is also good enough.(Will tell why it is only good and not excellent.)
Have the option of ViewFinder to use in bright sunlight to find your objects when display screen does not help due to sunlight.
CONS:
Loose lens cover. Comes out very easily. This is a defect in almost all canon lens covers.
Photos of moving pictures does not come out that great.
Heavy due to the use of 4 pencil batteries.
Not water proof. Cannot use during slight rain also.
Digital zoom is difficult to handle as the pictures atarts to be shaky as controlling the camera and focusing at the 48X zoom is difficult.
Having all this, S2 IS is a very good purchase for me at the time I purchase. Now, if you want just check out Canon S5 IS. Taken a lot of photos with that also and it comes with all PROS of S2 IS along with better video quality, Large screen and better picture quality.
*You can also read this review, posted by me, in following URL in IRC:
https://indiareviewchannel.com/reviews/15010-20-Canon-S-IS.aspx