X apparently was recently discovered in Japan to have magical properties, as virtually everyone except for Nikon has come out with a product using the letter. This time, it's Canon with the G1 X.
Take a G12, make a few refinements and stick in a 14mp slightly bigger than m4/3-crop sensor (18.7x14mm), and you have a G1 X (technically, in Roman numerals, that a G9 ;~). The lens is 28-112mm f/2.8-5.8 equivalent, the camera records 14-bit raw, has a Speedlite compatible hotshoe, keeps the swivel LCD, and ships in February for US$800. Should you want a lesser camera, the G12 will continue to be sold.
Note: I'm going to call Canon on marketing hype here. Their press materials all use the term "near APS-C" in terms of size. The sensor is not close at all. It is "near m4/3" (262 mm squared area versus 243, with APS-C being somewhere above 350 depending upon whose definition you accept). Still a large sensor, but it's actually about about two-thirds of a stop smaller than APS-C (see my sensor size article on sansmirror.com for what I mean by that).