Yeah. I thought that too but looking at the example picture comparisons at ISO 1600 on dpreview there really isn't that much difference (very surprisingly to me) unless I'm really cropping:
http://www.dpreview....000is/page8.asp
I also found this comparison of the two:
http://www.cameralab...S/verdict.shtml
After talking it over with my wife were going to go with the one with faster turn on time, better automatic, and higher shot rate: the SD4000. I'd love to get the S95 with the manual focus ring and kick ass review screen but I have a DSLR for that. I think we (and more importantly she) will be very happy.