the new version is the Canon S3 IS - the only one I know with that version is 4/5 Dog Mom - Diana.
I don't know much about it - b/c I love my S2 so much! But I think she really likes it.
I keep the neck strap on it so that I can keep it out which helps make it a bit more convenient. But for a small camera - my Nikon - I'm loving it!