Does it ever end? The technology world is constantly changing. One week everyone is drooling all over the Canon S3, and now today, Canon has announced the S5.

The S5 is based on the DIGIC III chip, and features an image stabilizer so your shaky hands won’t screw up another picture. The camera will sport 8-megapixels and Canon’s patented image recognition system. On top of that, the camera will offer a 12x optical zoom and lighting control so you can take pictures in some of the most dimly-lit areas. As if that wasn’t enough, the camera will offer a 2.5-inch swiveling LCD and will be able to capture high-quality stills while you capture some high-quality VGA video. All in all, a very nice offering from Canon.

Look for it in July for $500.