I have the previous model, the Canon SX30 IS. Use it all the time rather than my Canon DSLR and 8 lenses because of its versatility. It is more than "a P&S with some extra control" - Control dial has full Auto, Program, Shutter and Aperture priority, full Manual, and the usual specific modes, Sport, Scenic, closeup, etc., along wth Scene Mode with lots of menu driven options. It shoots video in HD. The viewfinder is an LCD, the rear LCD twists and swivels. There are many adjustable settings in the menus. It has a hot shoe, I use my Canon 430EX with it all the time. The zoom lens has a range from 28 to 840mm, plus digital zoom, and Image Stabilisation. The electronic shutter is noiseless, a great help at times.
The only drawback is the relatively slow focusing and shooting, but I live with it. The newer SX40 IS is basically the same with a new sensor that actually has fewer MP than the SX30 (12MP vs 14MP).