I agree, that 60 sec is a strange limitation.
I also noticed, when bracketing shots in Av mode the other day, that the SS did not go over 1 second.
Disclaimer: I am new with this camera, it might have been something I did wrong and I have not yet gone back to recreate it and/or diagnose the behavior.
I was shooting an early evening scene over a river. I bracketed my shots using the 3 shots with different exposure setting (so I only release the shutter once to get 3 shots.) I didn't notice at the time, but I was getting strange shutter time behavior, like: 1 second, 1/60 sec, 1 second where I expected: 1, 1/60, 2 (i.e., ev 0, ev -1, ev +1). I did get ones that worked properly at higher shutter speeds (e.g., 1/125, 1/250, 1/60); so I can't imagine what I might have been doing wrong.
In another group of shots, I got 3 shots, all at 1 second.
I understand not having a B setting on the dial (that costs money and it is a P&S) but a B position in software would be nice.
I was a bit disappointed to lean that it takes the RS-60E3 Remote Switch (with, what looks 2.5mm stereo jack) rather that the RS-80N3 (or TC-80N3 which I have for my 7D).
It also appears that Canon planned to not do any firmware updates: I cannot see in the screens where I can determine the firmware version number and the word "firmware" is not in the manual.
I was thinking that this was a small P&S with all of the capabilities of an entry level DSLR without the actual SLR, and though it is close to that, it is not quite. But, it is still basically what I was looking for. Knowing what I know now, I would probably still choose this camera.