If you have the new Canon Ixus V2 you have the problem that it is not yet recognized by ImageCapture. To solve this you must edit the Info.plist file located in /System -> Library -> Image Capture -> Devices -> Type4Camera.app -> Contents.
First cd to /System -> Library -> Image Capture -> Devices -> Type4Camera.app -> Contents. Then make a backup copy of the file with sudo cp Info.plist Info.plist.bak. Now edit Info.plist using sudo or something like Pseudo in PropertyListEditor (comes with Apple Developer Tools) as follows. In the "devices" section, you must add a new Dictionary. Add two childs to this new dictionary: "vendor" and "product". For vendor enter the value "0x04A9". For product enter the value "0x3065" (Your new Ixus V2). Log out and log in again to your machine.
Now ImageCapture should start when you plug in the camera! I have heard that Apple will fix this with Mac OS X 10.1.5.
More news: The software provided with the camera finally works with Mac OS X. You can use the Canon Image Browser and PhotoStitch. It also works with other Canon cameras (G2, etc.). But for converting RAW images, Classic is still needed.
[Editor's note: I don't have this camera to experiment with, but the news of native Canon software is good to hear!]
Mac OS X Hints
http://hints.macworld.com/article.php?story=20020506094026787