It does look pretty good and it will be interesting to see the comparisons to the Sony 828 for features and pictures.
Some sample pictures are at
http://www.powershot.com/powershot2/pro1/sample.html
I want to see the ASA 100 and 200 results before I judge it. But the threads in the shoe and girls blouse are pretty impressive. If the girl in the first picture is any indication maybe I should buy some stock in a makeup artists school
Nikon's 8700 looks like they screwed up in comparison (the lense really needs an upgrade).
The next one to look for is the Minolta A2 which is supposed to be announced this week it is going to have the stabilized FP and a very high resolution display on the back. If the price isn't outlandish it could be the best of the bunch.