SPS- As for the canon, I have the MV400 (2 models ago) yet there are few major changes. From my point of view, is ideal for a 1st cam, as its straight forward to use, but still has many features that more expensive cams may not have- white balance/man. focus/ shutter speed/ different shooting modes-sand,snow,sports ect.....
I think that for the latest model, they improved the CCD and the lowlight shooting. I think the size is pretty much the same, which is OK as i find mine a good size. When i was choosing my cam, i was put off buying a smaller one after being told camera shake is too much of a prob. Just dont expect £1000+ like quality from it- at the end of the day u get what ya pay for- in my view the canon aint bad at all....