I'm looking for a new digital camera too, actually. And have been seriously considering the same Canon PowerShot SD700IS as well. I took it for a test-drive at the local best buy and was extremely impressed. I've had a Fuji FinePix S5000 for a few years and while it's generally a decent camera, it's friggin' huge and doesn't do low light pictures at all.

Canons generally have the phrase "legendary optics" associated with them. Though I will say that I've always preferred the UI/menu interfaces of Fuji cameras over any other brand. Definitely the easiest to use.