This curious offering by Canon is very similar to my still excellent three-year old S95. On the PowerShot S200, a wider angle and faster lens are plusses. The Wi-Fi connection via Canon's ImageGateway works quite well despite sluggish uploads. The Digix 5 (one version back from that on the PowerShot S120) software upgrade is significant.
The camera has the same excellent large-pixel CCD sensor as other pre-S100 PowerShot cameras. Low light performance is exceptional. Don't be misled by the 10.1 megapixel count: a noise-free 10 megapixel image looks great compared to those taken with a camera with bigger numbers but subjectively inferior sharpness under low lighting. CCD sensors are not inherently inferior to CMOS technology. In fact, it was CCD technology on earlier PowerShot S series cameras that helped convince many professional photographers that you could actually take great photographs with a camera possessing a point-and-shoot footprint. Now all major camera manufacturers offer high-quality pocketable cameras although these are almost all CMOS equipped.
The omission though of RAW image file handling on the S200 means I will need to rely for this on my other Canon cameras. The S200's main drawback is Canon's CameraWindow software which seems to interfere with the native USB support built into Windows 8.1. The best option is not to install at all since it is unnecessary. On two other Windows 8.1 systems on which I was lucky NOT to have installed CameraWindow, the USB connection works fine. Canon tried to diagnose the problem but could not find a cause.