I think that Canon just did well. A moderately-priced, feature-packed camera with reasonable high-ISO performance. It's a cropper, but I think it's a very positive addition to Canon's lineup.
Think about the overall system for a second - It can use any EF lens including the awesome 17 mm TSE, the new 100 mm IS macro, and all the big guns. The 17-55 is available. The new 15-85 (24-136) IS will soon be available. The 10-22 provides excellent ultra-wide. In-camera flash control. Multiple video formats. Versatile AF scheme.
With Canon's lens selection, this puts Canon in a great position. Nikon just pulled a "30D" with their 300. Canon just jumped ahead of their competitor in this vital area.