It costs $449.99
That is almost 5x more than a typical Canon point and shoot
I doubt the IQ is 5x better
Why Canon charges too much for a little camera?
There is no "typical" Canon point & shoot camera. Prices run from around $100 to around $400, and there are many with varied capabilities throughout that range.
When I bought an S95 a couple of years ago I think it was near $400 at retail so the price for this model is stable. The new 120 has added WIFI so value has been added.
As others have said, it delivers RAW files, and it can realistically be used as a good DSLR backup.
I have found the S95 to be pretty rugged and entirely pocketable. I don't think there is another Canon P & S I would have.