Am I just spoiled?

While not the same sensor, I had a similar reaction when using the S95. The big rave with these compact canons is sharing the sensor and processor of their big-brother counterparts, yet the pictures always felt a bit flatter and nosier than the G12. Perhaps theres something to be said about the smaller lens.

On paper, the sensor should handle noise exactly the same. I too though had that bad taste in my mouth when looking at my first set of images...

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Cheers,
ND