Panasonic FZ50 or Canon S5 IS Powershot?
 

Which one should I get and why? They are both pretty similar specs.

when is comes to anything that Canon makes i would always go with Canon over anything else price not being an issue cause they have a awesome reputation in the marketplace and have a long history.
customer service wise they are also very loyal and kiss the customer's ass. we have them as a client and i can see how they go out of the way not to miss lead or screw the customers.

Canon all the way.
no doubt