The Canon isn't that much bigger than the Samsung but in IQ and everything else it is in a different league. It has a larger sensor (slightly bigger than the most common P&S cameras), it shoots RAW and it has full manual controls.
Yes I'm very happy with it. It shoots RAW so you can use the AI Denoise in Lightroom/Camera RAW so you can get clean images even if you shoot at higher ISO. The 24 to 120mm lens is very versatile and the whole thing fits in a shirt or pants pocket :-)
Check out this video where a guy explain how he used an S120 as his only video/photo camera on a trip to England:
https://www.youtube.com/watch?v=vZnCajqA6wg