The S70 is a really nice camera, I have one and am very, very happy with the image quality, but it is just a hair too big to be a true pocket camera. I also have a S410 that I carry with me all the time at work (I am a paramedic and it can be handy to have a way to grab quick shots of car wrecks, fires, etc.).
The S410 (and the other little Digital Elph models) does not have RAW file abilities, but the image quality is quite nice for "snap shot" uses. The SD Elph models use a SD card instead of CF and are really tiny.
I guess it all depends if you are looking for small, small or a little better quality and mid-size. I find that if I want small I want pocket size, if I want better quality I will schlep along a D300 with a 28mm or 50mm prime, for a protable that shoots RAW, but still a bunch easier then dragging out the 1D and my big backpack.
If I can find my S70 it will probably be for sale, just don't use it enough.