Excellent Compromise to a Digital SLR

This is my third digital camera, after using several SLRs over 20+ years and taking pictures around the world. Overall, I feel this camera was a great purchase for the price ($300 + 99 for an Extreme III 1GB SD Card) and would buy another one as a gift without hesitation. Using the natural (ISO consideration) setting, noise is a minor issue. The menus, and menu numbering system (1/6, 2/6, etc.) are easy to use and logical after you get accustomed to them. Potential settings (Pre-selected scene menus (20)+, flash options, white balance/EV on-the-fly-adjustment (-2 to +2) plus auto-bracketing (-1 to +1) allows the serious amateur (or someone willing to read the manual and has a good grasp of photography) to take great photos without too much fuss. Buttons are positioned well, but the he feel (depth and click) is really great (!) and the particular selection of actions they programmed into the (few) buttons is awesome��some great thinking here. My setup (EIII 1GB Card) allows really fast cycles. As you would expect, the lens (Leica) works flawlessly when one of the 5 metering functions is correctly used.
PROS. Once you get used to the various (and somewhat complex) menus and their impacts to your photo composition (every shot has so many variables), you can really get some great photos (@5mp density) without pulling your hair out. The histogram/white saturation indicator is too much! Almost all of my photos are taken of scenery, people, or wildlife��bright sunlight, difficult backlighting, total shade with white saturations, etc.��the whole range of outdoor compositions including flight and quick movements) and I was able to quickly pick the correct setting or use that auto bracket for a great result. I personally don��t believe that many of the non-SLR digitals take very good indoor pictures, so I didn��t and won��t go there. The LCD is super sharp, top-tier, and the power LCD setting beats them all for picture composition in bright sunlight.
CONS. This camera can��t compete with a fully manual / auto digital SLR for those times you want a specific EV/Speed or depth-of-field setting. (Although the exceptional range of fixed scene settings will allow you to control these settings to a degree) so don��t expect it to. Because the camera does have advanced features and (maybe too many) numerous menus for us amateurs, you really have to understand how photography works and take time to study the manual to get consistently great photos��which this camera seems to do time after time (poor pictures are cited in too many camera reviews because the USER had selected (or not selected) the proper settings for the intended picture. The battery life is very good (rated at 250 pictures against the standard), but I felt like I needed an extra battery so I plunked down over $50 for another (these just came out). To be fair, this is true of most inexpensive digitals. If it broke, and I had about $500 to spend on one digital, I would buy this one again.