The S100 is interesting, but it's hardly a competitor. People who buy the GRD know exactly what they're after - a very fast and smooth to operate camera with a fixed 28 mm lens. The GRD is by far the best 28 mm small sensor camera available. If you want zoom, there's obviously better options. But even if Canon's new S100 magically manages to improve as much on high ISO noise as Canon claims it does, that will not necessarily carry through to vastly improved DR, nor will it mean that Canon's 24-120 mm lens will manage to be sharper at 28 mm than the legendary lens of the GRD. So while the S100 might be a great option for anyone looking for an enthusiast compact with a zoom, it's not necessarily a better camera than the GRD. Nor is it likely to steal sales from it, as the people who want the GRD know exactly why they're getting that camera and NOT a S100, XZ-1 or anything else.
Tom
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E-PL2 / 9-18 / 14-42 / 40-150 / PT-EP03