Pre-PMA 2004: Canon today announced its foray into the 3 megapixel 10x zoom market, the PowerShot S1 IS. This new digital camera has an Image Stabilsed ten times optical zoom lens (38 - 380 mm equiv., F2.8 - F3.1) and a 3 megapixel CCD sensor. Interestingly the lens zoom is driven by a small USM (ultrasonic motor) similar to those found in Canon SLR lenses, the motor has multiple speeds and even a slow silent mode specifically designed for shooting movies. Control wise the S1 IS adds add dedicate movie record button and a customizable shortcut button. The S1 IS will be priced at $499 in the US and €599 in Europe. Exclusive: We have a hands-on preview of the S1 IS online.