I've not seen that specific
model, however I've had the opportunity to touch and play with a few other Exilim
models in HKSupplies' offices previously. Casio isn't exactly known for their cameras, however the big LCD display and absolute thinness are their unique selling points IMO. Canon's ISUX or Sony T series
models are the closest competitors.
Having been spoilt by DSLR image quality, I honestly can't agree with a P&S matching or even coming close to it - muddy colours, noise, severe chromatic abberation, depth of field limitations, etc.
Keeping in mind, Ken's previous P&S camera was the A70 - which he previously lauded as the bee's knees as well. Despite now saying it's slow as hell (which, having used Canon cameras I agree with).