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The S110's photos look good, but not appreciably better than the S100's.
Lori Grunin
I've been reviewing hardware and software, devising testing methodology and handed out buying advice for what seems like forever; I'm currently absorbed by computers and gaming hardware, but previously spent many years concentrating on cameras. I've also volunteered with a cat rescue for over 15 years doing adoptions, designing marketing materials, managing volunteers and, of course, photographing cats.
You can see processing artifacts as low as ISO 200 (look at the text under the bill) and start to see detail degrading in in-focus areas as low as ISO 400. By ISO 800 you start to see color noise as well. I'd recommend sticking below that to be safe.
Because the default settings push the contrast a bit and blow out highlights, I had trouble getting an exposure that didn't overexpose the text in the foreground.
The aggressive sharpening in the JPEGs is necessary to bring out some of the detail, but you can see how it adds some edge artifacts (look at the root beneath the word "JPEG," for example).
You can see some of the color noise, but the in-focus areas (top) look okay. The out-of-focus areas (bottom) display more noise and processing artifacts. This is a common problem among small-sensor cameras.