RAW on my Canon S3 IS
I was intrigued when I stumbled across a wired article about CHDK. CHDK is a firmware add-on for Canon’s Digic II & Digic III cameras. Of course my S3 falls into this category. Being an add-on it doesn’t replace the main (factory) firmware which makes it relatively safe for testing.
I’ve been considering jumping to a DSLR for many reasons. One reason is the ability to shoot in RAW. Now I get to play with RAW on my S3 before making the jump.
There is more to CHDK than RAW. Check out the wiki to learn more. One side benefit, it helped reveal I had taken over 5700 photos since buying the S3 (2 or so years). That should help me lobby for a DSLR 
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Experimenting with CHDK is well worth it, I use it on my PowerShot A720is. There is a lot of info here on the internet about it, I have a Google Alert set up so I get all the latest about it (that’s why I am responding here). To process the raw photos I use “Raw Therapee” just google it for the free download, I find it at least as good as Photoshop raw processing. One of the cool things you can do with CHDK to is bracket exposures and create HDR’s and bracket focus on macro’s and then use “focus stacking”. Also motion detection is cool. Have fun! This is keeping me busy enough so I can put off a DSLR for awhile. Go with the Morebest or Phy…. build. One more thing, you might want to join the Wiki forum on it, most of it is over my head with writing your own scripts and all but its fun to read anyways!
Jeff