Well it's more than just the sensor, the camera has to work, and based on the aweful G12 I've been messing around with I doubt they're on the right path.
The G12 is such an absolute piece of junk that I won't buy anything expect the absolute top of the range Canon again. I haven't owned such a useless camera since my very first Fed Zorki lll back in the mid 70's. How Canon created such a piece of junk out out what was an almost acceptable platform amazes me. My weekend with at the Montreal F1 GP was so tragic I just started laughing at all the pictures it missed, 19 out of 20, maybe 39 out of 40. No matter what I did to override its silly nanny habits it would still dwell and pause, missing every single bit of action, it was so stunningly useless that I'm actually amazed they sell any of them at all!
So, even if they put a bigger better chip in a pocketable camera, there is no guarantee that it'll be any use at all based on the disaster that is the G12!
I understand your feelings, and see that you believe very strongly that the G12 is a piece of junk.
I own a G11. Let us work on the basis that the G11 is functionally almost equivalent to the G12. Actually, it lacks a few features that the G12 has, so it must be a worse piece of junk.
In that light, I would like to present the exhibits below, which prove what a piece of junk the G11 is.
My cousins' bulls were so offended by the lousy G11 that they threw anyone who tried to get onto their backs!
This last one is not a sports shot, but is further proof of just what a lousy camera the G11 is.
Seriously, my wife got much better shots of the bulls with the 5DmkII (oh sorry, that is also a lousy camera for sports).
I would not take a Powershot to shoot sports professionally, or to shoot professional studio portraits, or to shoot a wedding.
On the other hand, when you understand its limitations, a camera like the Powershot G11 or G12 can produce amazing results.
That said, I would probably never take a 5DmkII with on my bike as it would not fit in my backpack with my notebook and clothes.
When I want a camera that I can just pocket, without having to cart an entire backpack with me, the G11 gets my vote. Yes,
it has shortcomings, but every camera on the face of this earth is a compromise.
It's all about horses for courses.