Canon’s G-Series cameras have long stood as the gold standards for top-shelf compact shooters: Solid image quality, lots of manual controls, the ability to shoot in RAW format, excellent video functions, and more. The G9 continues to be my workhorse. The arrival a year or so ago of the G10 had many photographers pretty psyched, but I wasn’t one of them. The G10 was slightly bigger, had lower top video resolution, and lacked the G9’s video time-lapse function. It was not a big step forward.

This morning Canon showed a half dozen new models to the press, including the G11, and already the response is breathless. I say, slow down, Spanky. Yes, there’s a new 10MP sensor and noise-reduction system. Noise is definitely a weakness of the G Series (and, honestly, most point & shoots), so that will help. But the flip-out screen? Is that really necessary or helpful? Or did Marketing just demand something to freshen a model that’s relatively long in the tooth?

Judged on its own, the G11 is no doubt an excellent camera. But there’s another new model from Canon just as exciting, the S90. It has the same sensor and noise-reduction system. It shoots RAW. It offers full manual controls. Its screen is three inches vs. the G11’s 2.8. And yet the body is smaller and it’s legitimately pocket-sized, while the G11 is not. I’ve been dying for a pocket-sized camera that shoots RAW. There aren’t many and none have the same combination of quality, controls, and usability as the G9/10/11. The S90 looks like it could be The One.

Of course, I’m coming from the perspective of a professional who wants as much control and image quality as I can get, even from a compact camera. Most people don’t even know what RAW is, let alone want or use it (that’s the subject of another post). Indeed, I suspect that much of the widespread love affair with the G Series is due to its cool industrial looks, not its expansive functionality. The same goes for the new Olympus E-P1 (see video); I’m excited by its groundbreaking technology and image quality, but the buzz over it clearly comes from its sweet retro design. The S90 is pretty stealth and doesn’t seem built to catch the eye. But under the hood–it might be the camera that sends the G9 into retirement.

Both models should hit retail in October.

Here’s the Canon S90.