It had buffered RAW. It even had a full tilt & swivel screen. It was a better camera in every way except for zoom and megapixels. It can probably be had much cheaper now than the G7. It probably even had less noise...
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The same thought occured to me as I read Michael's review. I had the same criteria when shopping recently for a digital camera for street photography. I bought the Canon G6 and it does the job well.
A handicap is the six seconds it takes to write a RAW file. I'm prepared to put up with this to avoid the disadvantages of slr's.
The G6 is a good field camera, able to operate for long periods away from AC power, thanks to its optical viewfinder and non-essential screen. Parallax at close shooting distances can be a problem if you forget about it.
Seven megapixels suit my needs quite well. Canon's put a lot of thought into this model. If you need a quality camera that's also discreet, you'd go a long way to find one better.
Robert