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The Canon PowerShot G1 X successor should appear some time in the next 2 weeks. We have heard it will be announced at CP+, however another source has said it will be announced the following week on the 18th of February.
Canon considers this segment a “top of the line” product and it will probably be priced as such. You can expect a smaller and lighter body, a big boost in image quality (sensor size is unknown at this time), DIGIC 6, along with the expected GPS and WiFi features. Availability is said to be in late April/early May.