Linux.com has an intriguing post up about replacing the firmware on low-end Canon cameras that share the “DIGIC II” image processing chip with Canon’s higher-end DSLRs with the “CHDK” software that unlocks the RAW format (as well as other high-end features). There are definitely limitations—you have to reload the firmware each time, or “lock” the firmware to an SD card—but considering how much more after-the-fact flexibility shooting in RAW allows, it might be worth dinking around with it.
Of course, the most important part of a camera is the lens, so you won’t be out-shooting DSLR cameras.
How to give your low-end Canon digital camera RAW support [Linux.com via Compiler]



Better than the RAW support is the scriptability this adds. Now your cheap camera has more flexibility than a good DSLR. I hope they hack this onto a real DSLR sometime.
Phantastic! I’m going to try this immediately.