Canon has announced the new Canon PowerShot S2 IS which replaces the PowerShot S1 IS. This is a 5 MP digital camera which is lighter and smaller than its predecessor. It also has a longer f/2.7 to f/3.5, 36- to 432-mm (35-mm equivalent) 12X optical zoom lens with UD glass and image stabilization technology. Some cool tidbits about this camera – you can capture 30fps 640 x 480 video and also zoom and capture stills at the same time.

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