Do you remeber the first time you used Linux? The trouble of getting it to work and all the benefits you got out of it. Now you can do the same trick with your camera if it's a Canon Powershot or Ixus. Any consumer electronics device is basicly a computer (hardware and software) and CHDK is the open source software which helps you to get out most of your camera. I happen to own a supported model and before I learned about CHDK I was reluctant to recommend it, now I believe it's probably the best compact camera in the market. And most models aren't expensive.
There seem to be two major versions of CHDK at the moment, the original one by GrAnd and the advanced one by Albest as well as several niche players. Installing CHDK is as simple as copying a few files to your SD card and have the camera load it into RAM. The original firmware is not modified and using CHDK doesn't void your warranty. However, read the instructions, even if you don't follow them!
When using CHDK all features of your camera continue to work as before. There will however be an ALTernative menu on a rarely used button, usually "direct print". which lets you override your camera's settings beyond all exspectations:
Did you believe, cheap cameras could be that powerful? Well, the hardware always was, the software they ship is cheap.

The picture above taken with my A540 and CHDK Albest shows the Rhine Falls at dusk. The drop is a work by Keoeeit.