Canon announced a more evolved, and refined rangefinder-style camera with very attractive features. The most notable feature is its very large sensor for such a compact camera, its dimensions are very close to those found in EOS series Canons with APS-C size sensors.
Take a look at the sensor size comparison on the left, the red rectangle is the size of the new G1 X sensor and is about 6 times the size of the current G series cameras. This will give the G1 X enhanced low light sensitivity and lower noise levels. The camera body is but marginally larger than the current G12 despite the significantly larger sensor. To cover a larger area, the lens has grown in size and no longer mostly retracts into the body.