Actually, I read a few weeks ago on Wired about a firmware hack that you can do with Canon P&Ss that enable RAW along with a bunch of cool features:
CHDK Wiki
# Shooting in RAW, with RAW Average, RAW Sum, and RAW Develop features
# Live histogram (RGB, blended, luminance and for each RGB channel)
# Zebra mode (live-view under/over-exposure subject-area alerts)
# DOF-calculator, Hyperfocal-calculator with instant Hyperfocal and Infinity focus-set, and more
# Battery indicator
# RAW and Video space-remaining gauges with custom low-limit alerts
# Scripts execution (exposure/focus/bracketing, intervalometer and more)
# USB-cable remote shutter-release
# Motion-Detection triggered photography (fast enough to capture lightning strikes)
# Customizable high-speed continuous (burst) Tv, Av, ISO, and Focus bracketing (unlimited shots)
# 99 constant bit-rate and 10 constant-quality video compression levels
# 1 Gig video-size limit removed in earlier cameras
# Zoom during video for cameras without
# Shutter, Aperture, and ISO Overrides (shutter speeds of 64" to 1/10,000" and higher)
# High-speed Flash Sync at all speeds up to 1/64,000 second (even faster in some cameras)
# Custom framing, cropping, and alignment viewfinder Grids (user editable)
# File browser
# Text reader
# Calendar
# Some fun tools and games
# Fully customizable CHDK display, info placement, user-colors, fonts in menus, etc.
# Custom CHDK User-Menu (for instant recall of up to 10 favorite functions)
I have a Canon SD1100, which isn't supported yet, so I haven't been able to test it out.