Money's tight.

Should I save up for a new 30D with the nice kit lens (28-135) or buy the S5. I only have $600 and it's gonna take me a few months to save up enough for the 30D. Either way I expect to have a 30D in my hands by summer time.

i would save up.. i hear its a fantastic camera.
shan

Definitely save up. You won't regret it.

If you're sure you're going to have a 30D by the summer, then you need to ask yourself what you'll do for picture-taking in the mean time, as well as what you'd do with the S5 once you get the 30D. It'll take you a fair while to save up enough for a 30D and and EF lens that will give you the reach that the S5's lens does at either end of the zoom range. The 28-135 you're contemplating covers roughly the middle of the S5's zoom range; you'd need something that goes down to around 20 mm to match the S5's wide angle capabilities and something that goes out to around 270 mm to match it's telephoto capabilities. Adding lenses with those capabilities to your planned 30D will take a fair while longer than just getting the basic camera and 28-135 IS lens, especially if you want IS for the telephoto solution.

Jon wrote in post #4771908
something that goes out to around 270 mm to match it's telephoto capabilities. A

is that because of the crop factor?...I had always heard it was the equivalent of 432...this is good news for me...as i've been looking to get my first DSLR, and have been looking at eventually getting the 70-300 IS lens...but thought i'd be losing a little bit of length from my S2

Yeah. The 432 mm is listed as the "35 mm equivalent". The "cra^hop factor" of 1.6 on the 30D means a 270 mm lens on that body will have the same field of view as a 430 mm on a FF body like the 5D, or 72 mm lens on the S5.