I used one of these for a while. It's got a surptisingly good macro mode, but general photography with it is not that great - it has too many pixels (noise!), overcompresses the images, and has very little manual control.
I'd suggest spending another 30-40% and getting one of the squarer bodied powershots - the next range up, for more control. If you can find an older one with less pixels, it might be cheap and have less noisy images.