The dynamic range example (recovery from overexposed jpg image) is fantastic! I don't know of any other camera that can allow you to do that in jpg mode. Also, the remarkable white balance algorithm.
I don't always agree with him, but what he says about the real resolution of the S5 is of some concern to me (I know that megapixels isn't everything). Here is what he says:
"The Fuji S5 only has the spatial resolution of a 6 Megapixel, not a 12 MP, camera. The Fuji's extra pixels are used for controlling highlights, which make very little visible difference. The S5's largest JPG image size is a interpolated (fake) mode."
His examples do show that the S5 images are barely as detailed as the D40! I find that hard to believe.
His finding also contradicts what most other reviewers have said about the S5's resolution. Many have put it in the 8MP to 10MP range, almost on par with the D200. Some even claim no difference at all, ie., S5 resolution = D200. And they post examples to prove it convincingly too. My question is: You guys think he made a blunder here?