After having replaced my Canon IXUS V3 with a DSLR (Nikon D80), I still felt the need to have a P&S camera for easy use (eg pictures on parties, festivals,...).
I was quite pleased with my IXUS, but sadly it broke down a few months ago. My first solution was to try to get the IXUS V3 fixed. The shop where I bought it said it couldn't be fixed, but another (much better) shop send it back to Canon because the camera experienced a problem other users seem to have as well. I had to pay a deposit of 75€ but when the shop would get the camera back from Canon they would refund it.
Last week however, the shop called me and said that Canon was out of parts for the IXUS V3 and that it couldn't be fixed! Luckily they found a great solution for me: if I would let them keep their deposit I would get a brand new IXUS 70 in return! This was a great solution and was planning on buying an IXUS anyway so lucky me: an IXUS 70 for 75€.
(thumbs up for the store, they gave me great help and a good price for the D80 and now this kind of service...superb!)
We're talking about this model (sadly it has the "black lens" instead of the silver one, but I surely not going to complain about that

:
It has 7.1 megapixels and a 3 times optical zoom. The maxium ISO (1600)is also quite high for a compact.
When I compare it to my old IXUS V3, it's much lighter, but feels just as good. It's very well build, has a large enough screen and it's extremely easy to use. It's not fair to compare it to a DSLR, but I find the shutterlag a bit annoying. It's a real P&S, but still has quite a lot of settings you can adjust. There are the usual modes (auto, manual, portrait, night snapshot,...), and in most conditions it works quite well.
The best points about this camera are the nice design and build quality and that it's so easy to use.
The thing that struck me most is that I got tempted several times yesterday to start using the IXUS in stead of the D80. You get very good results with the compact and at this point I still have so much to learn about my DSLR (and little to learn when it comes to P&S camera's) that it's "easy" to start shooting with the IXUS... On the other hand, it's so much more rewarding when you get a good shot with a DSLR, it's just harder to get one.
>> This is a review after one days use, so as with the D80 I'll update as I start using the camera more often.