Also, don't forget to look over at the other vendors. Nikon, for example, has been aggressively discounting its point-and-shoots. B&H prices below:

Canon SD400: $344 (no memory card)
Nikon Coolpix 5900: $295 (including 512MB SD card, or $250 without a card)

Both are 5 megapixel cameras and have oodles of cool features.