OK, this just happened. We should have our hands on it this week.
Larger sensor and 14 megapixels, and using DIGIC 5, intro’d in the coming 1Dx, is huge.

Canon U.S.A. Introduces The Highest Image Quality Powershot Digital Camera, The G1 X
LAKE SUCCESS, N.Y., January 9, 2012 – Continuing to revolutionize the digital camera market, Canon U.S.A., Inc., a leader in digital imaging solutions, today announced the introduction of a new flagship PowerShot model, the PowerShot G1 X. The PowerShot G1 X camera will feature a 1.5-inch, 14.3-megapixel CMOS sensor, the largest sensor to date for a PowerShot model, delivering approximately nine times more light sensitivity and helping to produce amazing depth-of-field and high-quality images in tough low-light conditions.

The Power of DIGIC 5

Living up to its reputation as a leader in the digital camera marketplace, Canon has incorporated the DIGIC 5 image processor into the HS SYSTEM in the G1 X. Achieving better quality images in low-light settings, boasting faster operation and providing improved color accuracy, the DIGIC 5 image processor ensures users are able to produce high-quality images in the most difficult of lighting conditions. The processor will also enable the PowerShot G1 X camera to utilize the High-Speed Burst HQ2 feature allowing photographers to shoot images at high speeds at full resolution to capture the perfect moving shot. Additionally, to ensure images are crisp and clear, advanced noise reduction and a smarter multi-area White Balance can be utilized to achieve accurate color reproduction for a balanced image.

PowerShot G1 X Digital Camera

Ideal for photography enthusiasts looking for the highest image quality in a compact, point-and-shoot design, the Canon PowerShot G1 X camera features the largest sensor to date for a Canon point-and-shoot model. The camera has a brand new, large 1.5-inch (18.7 x 14mm), 14.3-megapixel High-Sensitivity Canon CMOS sensor, delivering shallow depth of field, a wide dynamic range, an ISO range of up to 12800 and incredible light gathering ability helping to ensure brilliant images in even tough low-light conditions. Featuring an amazing Canon lens with 4X Optical Zoom, an aperture of f/2.8 to f/16 for beautiful images when shooting portraits and amazing clarity when shooting landscapes along with wide-angle capabilities starting at 28mm, the PowerShot G1 X camera makes certain that users will have the right optics for most any situation. Further adding to the EOS-like feature set of this new model is 14-bit, RAW+JPEG shooting and compatibility with accessories such as Speedlite, Macro Twin Lite or the Macro Ring Light flashes. HDR Shooting has been included to ensure the best possible shot is captured as well. The PowerShot G1 X camera also shoots in Full HD 1080p video ensuring memorable moments are captured in the highest quality.

The Canon PowerShot G1 X camera has a bright, large 3.0-inch vari-angle LCD with 922,000 dots of resolution providing photographers with the highest quality available in a point-and-shoot. The inclusion of the Mode Dial on the top of the camera and the Front Dial helps provide more intuitive control of the camera.

The estimated selling price of the Canon PowerShot G1 X camera is $799.99 and is scheduled to be available in February.