Typical S50 ISO 400 Noise?

[cwhitla]

Is this a typical level of noise in an ISO 400 image from an S50?
http://www.pbase.com/image/16924794

I realize that I can remove most of the noise via Neatimage but I am rather dismayed at what I am seeing. Everything over ISO 50 seems to be much noiser than I anticipated and I prefer not to have to use ISO 50 and the flash in order to get an initially low-noise image in less than abundant light.

[aravet]

Just thinking aloud here, but the S50 5M pixels live on the same surface as G2's 4M pixels
=> they are smaller
==> they are less sensitive to light
===> at a given ISO/exposure, they receive less photons.