I am using my new Canon PowerShot SX200IS for one week now. The cam still has not totally convinced me, because high zoom levels + bad contrast (winter days) have negative effects on the picture quality at the borders of a picture. There are green and violet shadows/cords going away from an object. What i do not know, is if those effects are due to the optics or the sensor. The sensor seems to be a weak point in comparison to the much more expensive Canon G11. But hey, you get what you pay

What definitely convinces me though, is the tremendous zoom level, and the speed the pictures are saved with. I bought an ultra-fast Sandisk Extreme SDHC Class 10 card with 16 GB, which has a data ratio of 30 MB/s. Even in the highest resolution (12mp fine quality), pictures are saved very fast to the card, with almost no delay!! Also no stuttering problems with HD-720-videos, as some users of that cam report.
Did you turn off the picture demo after you shoot a pic? I have turned it off for now in order to be able to do faster shooting sequences.
What i cannot recommend by the way, is the Transcend 16 GB SDHC card, which often has data losses.