The SX1 IS - The S5 IS replacement?

[MaDMaXX]

Briefly "announced" last week and suddenly men in blacked just as suddenly...

Does anyone know anymore details about this or Canon's plans? I had just finished looking at the S5 IS and decided it's more or less the new camera i wanted (had previously been looking at the 870 IS)
I especially like the video quality etc and like the controls with the super zoom, it just lacks things like the time lapse mode and the 3 inch screen.

I did see a rumour/post in the removed announcements that it uses the DIGIC4 processor, hopefully clearing up the little noise problems the S5 is supposed to have?