Thanks to everyone who took the time to respond.
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After considerable reflection, I purchased the Canon PowerShot s120 as it was part of a large sale here at JB HiFi for just $425 (the usual price here in Australia is $550).
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The camera is too new for me to offer a fair opinion of so soon, but I am amazed at the options, capabilities and settings on this new camera. It's certainly a long way forward from the s95.
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I need to see how the camera performs in daylight.
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Two things that I didn't like so far....
Noise Reduction: My first observation is that it has a peculiar texture to the Noise Reduction when it is engaged in "Standard" mode. I don't like it but that's something I haven't had to deal with before. I don't see a way of disengaging the NR entirely either.
Button Placement: Canon decided to place the Video Record button right where the Playback button used to be. The result = plenty of unwanted videos.

It was too dark in the room for my other cameras to catch this shot. It seems soft but it's still not possible for the old s95 to capture this same image. Auto settings give me plenty of ability in low light. When I tried to shoot at ISO 80, the screen was virtually black.

The Chromatic Aberration is from the Magnifier I was using, not the s120. But to shoot this handheld with just the glow from my computer monitor was interesting.

I forgot to account for the wider lens - and the distortion that comes with such wider lenses. But the detail is reasonable in a dark room. There's blue and red colors reflected from my computer monitor.
But two things that I really do like...
Shutter Lag is stunning. It doesn't exist. And the
Burst mode (aka Continuous Drive) is almost frightening. I accidentally pressed the shutter release button and took 9 shots before my finger came away.
New Features and simple additions enable amazing capability.
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But it's very impressive in low light so far and it captures scenes that other compacts would certainly struggle with. I always feel that it's the things that a camera doesn't do very well that demonstrate how limited its use will be. The s120 looks pretty good so far and it does accept the old s95 battery... to my surprise. I'll need to spend a couple of days with it before I can give a fair opinion but it does feel very good.
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It's kind of sad that the groundbreaking (and award winning) s-series has now all but been ignored by DPreview. This camera is the legacy of an excellent series and deserves to have been reviewed long before the device entered the marketplace. I think we would all have appreciated a bit of coverage on the s120 so we could evaluate the opinions of the DPreview reviews before actually purchasing. This camera was announced in August and it is now November. Why the hate?
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Thanks for your observations and suggestions.
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Regards,
Marco Nero.
www.pbase.com/nero_design