I've been using this camera for only 3 days, but from a SLR/DSLR background for the past decade.. I'm thoroughly impressed by this camera, while of course carefully noting its obvious limitations.
Pros (just add-ons to what have already been said):
Very good image quality, though it is obvious to my eye that it is not DSLR-quality.
More than good enough for web and up to 6R prints for minimal loss in quality.
Great lens.
Colors are well-defined and come off as natural and pleasing, only needs minimal tweaking with software (i use Lightroom)
The AMOLED swivel screen is GORGEOUS and extremely functional.
The "smart" modes and "smart range" options are actually pretty darn smart.
Doesn't need Samsung proprietary software with Mac nor PC! I just go straight to its DCIM folder and extract to my personal database
Cons:
No BULB mode which I would've liked for night shots
Highlights are often blown but they're not too bad
Processing is just a tad slow but compared to the LX-3 and S90, this is very acceptable
Popping up the flash does not automatically mean the flash will fire, still needs user input to activate the flash, which is kinda 'duh', but nothing I can't get used to since I rely on natural light as often as i can anyway
Some functions have to be activated via the Zoom dial instead of the OK button as I found out with the Manual Focus function. Kinda weird design there but again a matter of getting used to
Super short charging cable
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There may be more cons than pros that I've mentioned but this is only adding on to what has already been said. I like this little thing very much and I see plenty of good results with it. I would've probably come to the same conclusion given a LX-3 or a S90 as I've played with both before too, so all in all...
It's just a tool of personal preference. It's what you do with it that matters.
