I've owned this camera for a few months now, probably the best I've ever had. If you want SLR functions but don't want to spend a lot, this is the one.
What I like:
1. Powerful optical zoom at 6X
2. Good resolution up to 2400x1800
3. Short lag time between shots
4. Switching between shoot and play mode is fast
5. Selectable ISO from 125 to 800
Improvment I'd like to see in the future model:
1. I prefer optical view finder over the electronic one; it's hard to see if subject is in focus when using manual focus, especially under sunlight
2. Better manual focus feel; the electronic focus steps just doesn't feel like an analog one, you know what I mean if you are familiar with regular SLR cameras
3. Faster recharge time; the included charger needs 5+ hours, I decided to buy a generic quick charger + battery
4. No B function for long exposure
If you are taking photography class, this is a good and affordable camera to own. You can practice a lot without wasting rolls of film.
Fuji's newer model in this class is S602, it has higher res, movie mode with sound, longer exposure to 15 sec. Price is still better than its competition, should be worth considering.