canon have announced the G11 and the S90.
it appears the S90 has the exact same sensor, a faster (f2.0) lens, and shoots RAW.
What is really newsworthy about these two is that Canon has dropped the pixel count of its top-of-the-line compacts! The G11 and S90 have a new 10MP 1/1.7" sensor, whereas the G10 had a 14.7MP sensor of the same size. And of course, with this Canon is pushing improved dynamic range, and also a mode to help avoid blown highlights. Perhaps the Panasonic LX3 with its 10MP 1/1.63" sensor has created a new category at the top of the fixed lens compact camera market for better "per pixel" specs (even if "per image" quality is not improved!).
Though the S90 lens is faster at the wide end (f/2 vs f/2.
, the G11 lens is faster at the long end (f/4.5 at 30.5mm true focal length vs f/4.9 at 22.5mm) so combined with the greater maximum focal length, the G11 is probably faster at equal focal lengths over most of the telephoto range, where speed is probably most important. And the G11 has a hot-shoe and articulated LCD, while the S90 weighs far less and might fit into a pants pocket for those who care about that ... so each has its advantages.
Aside: an interesting coincidence is that the G11 without battery but with lens weighs exactly the same 355g as the E-P1 without lens but with battery and with a sensor of about five times the area. For me, the far larger sensor and low-light advantage of the E-P1 is worth the modest increase in weight and size, but I will not claim that everyone will make the same trade-offs as me; I am sure the G11 will sell well.