I would personally go for the S3 because of the "new" factor. In terms of perforemance and specs, there are some improvements to the S3, but a couple of important (at least to me) improvements. The Macro mode is a huge plus for me because I have found myself getting rather close to certain flowers as well as with some other objects (my Fuji S3000 is a bit dated so it dosen't do too well with closeup Macro). The other two are more scene modes (from what I understand) and a larger LCD (althought it's larger by only .2 inches). The ISO 200 setting looks good, a bit noisy, but from what I read in the review, very managable with image editing software. I've pretty much decided on the S3, because it's "compact", light, it's got what I'm looking for, and is new.