I got an Elph 330 in early January around the time the 340 was announced. I bought it as a "cheap camera" (re: DigitalRev TV, Pro Tog Cheap Cam Challenge) in contrast to the 5DM3. I must say it is actually a very nice little camera! The WiFi between the 330 and iPhone works just fine, though I doubt I'll use WiFi very much. Battery life is decent when you take a bit of control over what the camera does. While it doesn't have manual or shoot RAW, it does have Program mode and manual ISO adjustment to 6400. (Down to 3200 it works great. I've not pushed it to 6400.)
The pictures it takes are actually pretty amazing. You won't shoot anything pro with this, but you could certainly use it when you want more control than with a cell phone. It can take a credible picture.
Downside? The flash sucks. Also, if you do video outside (I almost never do video), the wind noise makes the camera useless.
Overall I'm pleased with the 330. I can imagine the 340 will be better.