It can record in 1080p (24FPS) videos and capture “movie digest” shots in 720p. Movie Digest is a feature that lets the camera capture 4 seconds that *precede* a shot, so when you take a picture, the four previous seconds are also recorded in video so that you don’t miss anything important, like blowing a candle during a birthday. I can only guess but I suspect that in that mode, the camera must be recording continuously in a 4-seconds loop, which gets saved when you capture a photo.
The ELPH 110 HS is the typical point and shoot camera for those who just want to take casual good quality pictures without thinking about the settings, and without breaking the bank. It will retail at $249, and should ship around mid-February.