I have the S700... you can see some pics I took with it in the Post your unedited pictures thread and on my deviantart page (in my profile.)
It's a good camera, BUT there are some things you should know. One is that purple fringing is pretty common and VERY annoying.

Also, if you are looking for a replacement for an SLR the S700 ISN'T one. There are SOOOO many more possibilities on an SLR that I can't even begin to tell you them.
That's not to say it's a bad camera in ANY way though... I'm overall pretty happy with it and the Super Macro is definitely nice. The above are the only issues I can think of. As far as purple fringing goes, you can see how much of an issue it is by looking at the high contrast edges on my photos