Another day, another camera announcement. This one’s a good one, though: the successor to Canon’s popular S95 compact. For those catching up, the high end S90/95/100 series compacts were introduced to provide an alternative to the G series pro cameras for people who need enhanced imaging quality but not necessarily the bulk and dials of the G series. The result is the very slim, unassuming looking camera you see, with a clever control ring around the lens and an f2 maximum aperture.

New this year is a DIGIC V processor bound to a new CMOS sensor (making it built on their new HS platform despite the lack of indication of this in the name). The lens is up from 3.3x zoom to 5x, but keeps that characteristic f2 maximum aperture. It’ll also be available in silver as well as black now The comparison table looks like this:

We’re working on a preorder page for this right now, and it’ll be on our site within the next hour or so. Expected retail price, per the press release, will be $429.99. Speak of a press release, hit the jump for that and to see this baby in silver.

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For all you Canonistas out there who’ve patiently sat through all that Nikon, here’s one for you. Canon has announced the new PowerShot S95, an update to address the (admittedly few) complaints with last year’s S90. The lens, imager, and processor remain just as they were, why mess with a good thing? The body is now even slimmer, they’ve made some changes to the control ring, and it’s now finished with the same sruface that the 7D is, to help improve grip.

Oh! And it has 720p video now. That’s nice, isn’t it?

It continues to be 10 megapixels, and to have a 3.8x optical and optically stabilized zoom starting at f2 and 28mm equiv, and a 3″ 461,000 dot LCD. It also shoots to RAW, and has manual exposure controls and PAS modes.

We’re unsure when it’ll be hitting, but the MSRP is $399.99, and you can hit up our preorder form on our site to throw your name down for one whenever they do show up.