I side-stepped and went with a Sony RX100. Sure, the price is high for a compact, but I really, really like the combination of overall size, features, control layout, and IQ. Only slightly larger than an S100/S110, but IQ from the 1" sensor is in a different class. I'd rather wait for a RX100 price drop or eat ramen for another month or two if that's what it took to have the Sony instead.
IMO, there was a big bump from S95 to S100 - CCD to CMOS, wider and longer lens, better ergonomics with the front 'grip' (as opposed to the stick-on Franiac mod for the S90/95). The S100 to S110 looks very, very incremental. The S100 has decent AF speed for a P&S, could be improved - but it's not going to be the PDAF of a dSLR even with the putative improvement of the S100. Plus, they took away the grip?!?
I have no interest in the S110, but I'll keep happily shooting with the S100...unless I get the Sony RX100 at some point.