CHDK - CHDK Wiki
Quote:
CHDK is a firmware enhancement that operates on a number of Canon Cameras. CHDK gets loaded into your camera's memory upon bootup (either manually or automatically). It provides additional functionality beyond that currently provided by the native camera firmware.
CHDK is not a permanent firmware upgrade: you decide how it is loaded (manually or automatically) and you can always easily remove it.
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It started as Canon only and has grown to other lines.
The bigest asset I can see for P&S users is the ability to shoot in RAW mode. I'm still checking it out but it looks cool .