Yup.. I got a G12 during X'mas to replace my DSLR. Very good!! Strong support!
My friend and cousins have S95. I tried both, I would prefer G12 over the S95, although it is a little bigger. (Unless you want very pocket size camera.)
Here are my reasons:
1.) Autofocus seems a little faster
2.) take more photos per each battery charge
3.) Faster shutter speed
4.) Vari-angle (Turnable) LCD, very useful on different angle shoots and video mode
The Con... it is a little bigger, but really that big difference. If you have a purse or baby bag with you, it can easily fit in it.