i have a canon S40, and one of my friend had a fuji 6800 which is one generation older than f601 but pretty similier. few weeks ago, it was a very tough decision.. but i finally decided on s40.

f601:
Pro: 1. the camara looks VERY COOL, one of the best looking camara on the market today. ( of course, personal opinion) 2. cradle is very convenient. just place on it and the file will transfer to your computer PLUS chaging the bettery.
Con: 1. smart media is more expensive and smaller capicity. (compare to compactflash) 2. more expensive, compare with other 3M pixs camaras.

S40/S30:
pro: 1. image quality is super!! ( better than f601 for s40, but again, s40 is a real 4M pixel camara) 2. compactflash and support type II. 3. it has so many function that you can make all kinda pics with this little toy.
con: 1. no cradle. you have to take out the bettery and charge it every time... it is quite annoying to me.. 2. you have to use a usb line to transfer files... not as "stylish" as f601. 3. camara not as cool looking as f601.

conclusion: if you are looking for better image, go for S40. or S30 to save you some money. on the other hand, if you are looking for style with good quality image, go for f601. in my opinion, these 2 camara are better than olympus. (just my opinion)