New Canon SD1200 IS is the new affordable Elph model
Don't let the model number fool you, the SD1200-IS is actually the new entry-level model in the Elph (aka Ixus, Ixy) line-up. It replaces the perky SD1100-IS, which was the first front-line Elph to get image stabilization. Not that that stopped people from buying its predecessor, the SD1000.
The number of megapixels jump, from 8mp in the SD1100is to 10mp in the new model, making it a modest alternative to the 12mp 1/2.3" cameras-du-jour. The feature set is quite similar, with the 3X IS lens, 2.5" LCD, tunnel-vision OVF, and such. The starting price is $230 (compared to the current price of $150 for the SD1100is) and it should come out in mid-March.
The European name for this is Ixus 95 IS, while the Japanese Ixy is not known just yet since they haven't been announced in Japan just yet.