I've used one. A little 2Mp C330 was all I took for camera gear on a trip to India in 2005.
With decent light it's amazing what so little can do. It's fine for web use and small prints. The S330 was a metal camera not like all the plastic that seems the norm today. It had a bit of heft. Gave it to a friend several years ago when I bought another Canon P&S, this time a Powershot 710s.
What I got from the upgrade?,,,more pixels, image stabilization, mostly plastic, hideous viewfinder, decent results.
Lately I've been keeping my eyes open for a second identical Powershot. Have seen home brew setups for shooting hyper-3D using a pair of linked cameras. There's software available for meshing left + right images into a file that can be shown on a 3D TV. I've done some tests using a single camera but found it very difficult working with moving objects like water. With stationary objects (landscapes in particular) hyper 3D can be quite spectacular. A fun thing to play with in my retirement... ;-)
Link to 3D file tool --->
http://stereo.jpn.org/eng/stphmkr/
Another plus for the Canons is the availability of the CHDK software. It allows all sorts of interesting things to be done. Link-->
http://chdk.wikia.com/wiki/CHDK
The small sensors tend to get noisy above base ISO , so best limit your self if shooting low light colour. B&W on the other hand looks quite good at higher sensitivity.
Here's a link to a few India shots with the C330 ,... except for the last which was a decisive moment while visiting a friends farm.. ;-!
There's a lot to be said for a camera small enough to be worn 24/7, especially when traveling light. Link-->
http://photo.net/photodb/folder?folder_id=611672
Glenn
anyone use a canon digital elph?