Canon yesterday announced the forthcoming release of a new camera, the Canon PowerShot Pro Series S5 IS. I have the current model, the PowerShot Pro Series S3 IS, and love it. The S5 makes a great camera even better, with an upgrade from 6.0 to 8.0 megapixels, a larger LCD, a flash hot shoe and new face-detection technology. Both the S3 and the S5 have 12x optical zoom with image stabilization that allows amazing distance shots. Its LCD pops out and rotates so you can view it from any angle, even from in front of the camera or with the camera flat on the ground. Its records high-quality video at 30fps with stereo sound at the push of a single button and allows you to snap stills while recording video.

With the release of the S5, this may be a good time to grab an S3 at bargain-basement prices. It normally lists at $449, but has it now for $304.88. I’d wager the price will drop much more over the next month or two, before the July release of the S5.