The ELPH 330 is a fun little camera. It is cute, feels good in my hands, and takes fine pictures.
I bought the little Elph nearly a year ago. When I got back into photography seven years ago, I was using my wife's Sony DSC-T5, a similarly sized pocketable digital p&s. I've evolved from that, but still appreciate what the Sony could do. A few years ago the Sony was physically falling apart, so I bought my wife an ELPH 310. I tried it and loved it! In the last couple years I watched many of the DigitalRev TV videos from their series "Pro Photographer, Cheap Camera", exploring the idea of what a professional photographer can do with a seriously low-end camera. The Elph 330 is far more advanced than the Lego Camera used by Chase Jarvis, but it's no 5D Mark III. No matter, one night I ordered the Elph, and it arrived a few days later.
What can the Elph do?
Mostly it's a full auto camera, but you can make it give you some control. If you go into Program mode, you can adjust ISO. You can also adjust exposure in 1/3 stop amounts. You can also adjust some camera settings (auto focus, stabilization, et al) to extend the battery charge from 200 shots to 300. It only shoots jpeg, so you need to get it right the first time. 
While the video mode works, the microphone is horrible if there's even the slightest breeze.
What can you do with it?
Here's what I can do with it. The first image is of the Cathedral of St. Matthew in DC. It was taken handheld using sepia and a 1:1 aspect ratio. ISO was 3200, the limit of what this camera can actually do. (Noise at 6400 makes the images unusable.) The second is of a flamingo at the Washington National Zoo, also in DC (ISO 125). Both were retouched in Lightroom, but not much.
One evening I found myself in a situation where, with advanced planning, I would have had my 5D Mark III and a couple good lenses. I didn't have a camera with me. But then I realized I had the Elph in the car. I could either embarrass myself by not having a camera, or by having a cheap little p&s. I knew what the Elph could do, so I grabbed it and used it.
The ELPH 330 is no longer made, and was replaced by the lesser ELPH 340. No matter, the 330 is an excellent little camera, and I'd highly recommend it should you have the chance to get one that is in good shape.
UPDATE:
I rated the AF performance 7.5. This is because of its performance in macro mode. When I'm close to something small and am using the camera in macro mode, I expect it to find the object and focus on it immediately. If there's anything in a somewhat close background, the Elph is equally liable to find the background object. 
In a normal mode, it seems to focus fine. No matter, the rating stands.
