I'd be the guy with Canon IS S2 who AMBR is referring to.
I use it mostly at gigs because SRLs are considered here as professional equipment and thus not allowed at gigs without a photopass. Bands and record labels do not care about video features in compacts and cellphones because there is no significant market for poor bootleg videos. I never use the video feature at gigs, makes no sense even S2 has pretty decent CD-quality stereo sound built in.
Aperture covers a decent f:2.7 -3.5 to F:8, and especally the 12x zoom combined with an image stabilizer that works makes a difference. IS allows to shoot using longer zoom in darker circumstances - worth 2 steps compensation - but like esa said it won't compensate any motion of the target.
Also the ISO range in S2 is 50-400 and the 400 is hardly bearble at all. Nowdays ISO range is easily advertised up to 1600 or even 3200 but in most cameras the two or three highest values are mostly useless due to heavy granulation in the resulting image.
Images can be shot using full automatic mode, several programs, full manually or your own preset values. The lens is decent for a multi purpose compact, maybe a little soft drawing, but good enough for web photos and 8 by 10 prints.
Besides the price-tag on the wide range of pro-like features, the best thing is it's rather small sized comapared to SLRs. Fits well in a little pocket-bag on my belt without the need to lug a case on my shoulder. AA rechareables (2700 mA) give a good 600 shots per one set and usual SD- and MMC+ cards will do (S3 and S5 can use HDSCs, too) Oh, S5 has got hot shoe for external flash which is lacking from the older models, but wasn't enough to convince me to go for it. The two years old S2 will do fine for another year or three, I reckon.
If you want to see some shots taken with the debut model Canon S1 and comapare them to another 3 sets taken with the S2 here you go:
Indoor venues,
Tarot at Club Livinstone 2005 (S1) shot standing on a couch at 15-20 ft, stage lights on the floor facing up, inbuilt flash fired in some images.
Tarot at The House of Rock 2006 (S2) shot at the rail at 5-15 ft, stage lightshow on, inbuilt flash fired in some images.
Oudoor festivals,
Tarot at Myötäruuli Rock Festival 2006 (S2) shot at 60-70 ft over the crowd at late afternoon with sun straight opposite, behind the stage
Tarot at Tuska Festival 2006 (S2) shot at 50-60 ft over the crowd in bright sunshine coming behind me
Just remember that all those files were first p-shopped down into 600 x 800px at high web quality jpg, and during uploading in photphuket their filters tend to mess the files into a pile of s*it. The originals are quite decent for the purpose.