Well, seems with F200EXR we just can't have it all... I would like to have HD 720p video in F200EXR, but Fuji doesn't put it there
After pic by pic observation, I would say F200 image quality improves over F31.
http://dc.watch.impress.co.jp/cda/review/2009/02/13/10199.html
I'm a F11 and F31fd owner, and really like those 2 cams. I prefer Fuji compacts over other brands' compacts (I was previously Canon fanatic, and haven't tried Pana LX3 though...)
Improvement in F200 over F31 is not dramatic, but quite significant to me.
It is true that Fuji let us down with the battery capacity... come on Fuji, what's wrong with you..? Give us a bigger battery please...
Significant improvement:
1. Wide angle lens, which even though with noticeable barrel distortion, but still acceptable, and retains good details at corners.
2. Noise, about the same, maybe F200 a little bit noisier, but it has more detail, and the noise looks more natural than the 'a bit blotchy' F31 noise.
http://bpribadi.multiply.com/photos/hi-res/16/3?xurl=/photos/photo/16/3
Look at the sample above, you can notice on the flat gray area, the F200 noise looks more natural, and the F31 noise has dark 'blotchy' spots.
3. CA / PF has been reduced a lot in F200. This is what I think as the best improvement

Kudos to Fuji!!!
I analyze some pics, and took some side by side comparison from:
http://dc.watch.impress.co.jp/cda/parts/image_for_link/165035-10199-32-1.html
http://dc.watch.impress.co.jp/cda/parts/image_for_link/165036-10199-32-2.html
And this is the side by side comparison in 100%:
http://bpribadi.multiply.com/photos/hi-res/16/5?xurl=/photos/photo/16/5
http://bpribadi.multiply.com/photos/hi-res/16/7?xurl=/photos/photo/16/7
Look at the tree branches, looks much better on F200
4. SDHC over xD card.
Improvement List for Fuji F300 (...or whatever number...):
1. Bigger battery, NP95 kind of battery please.
2. Brighter and better lens (less distortion).
3. HD video, minimum 720p, or at least a less compressed video like those on Canon's.
4. Normal 3.5 mm jacks for AV out, and normal USB port.
5. Battery charging from USB port.
