Wim Pollet, a regular poster on our Canon Talk forum has put together a page exploring the possibilities of macro shots using the Canon S10 (or S20 for that matter) and a 10x Peak Scale Loupe. His results are outstanding and show that you don't always have to work within the limitations of your particular camera. The Loupe he uses is of high quality, it has a 20mm eyepiece and adjustable focus ring.. Cheap at about $60. He's got over 76 sample shots in the Albums section of his site.

Visit Wim's Canon S10 Loupe Macro pages here