Wife absolutely loves the FX37 that I got for $188 the other week. This offers no benefits over it other than MPixel. Same sensor size, wide angle (25mm), 5x zoom (25-125mm), 720p (1280x720) 30fps video, body size, etc...

I agree, #1. I have the FX37 but I paid close to $300 six months ago. Great little camera -- I carry it with me everywhere. I took a video of an entire wedding using one, and made DVDs for my family members. Love the extra angle of the wide angle lens. I just wish there was a little more telephoto (past 125mm) on the long end. The two extra megapizels of the FX48 aren't worth it. If you can find a FX37 at the price that #1 did -- grab it!

In fact, unless the sensor size or lens speed also is improved, it's detrimental to have more megapixels. Lots of camera manufacturers are pushing super high MP's and many of them aren't anywhere near as good as a decent 5 MP camera from a few years back.