I'm looking at both of those also. Here's a review of the Nikon
And one for the Canon
I'm leaning toward the Canon because I own an older S2 and the controls and menus are similar. The extra zoom is nice but it comes at a price in that the lens is slower (doesn't let as much light through). The Canon has more programmed shooting modes for us amateurs, also. But the big seller for me is the hotshoe. I wish it had 16 megap. like the Nikon.
Maybe I'll wait for the next version.