You have to check whether the Canon you plan to get has the Magic Lantern hack with the features that you want, and then be lucky enough that the camera you get as the correct firmware version. I bought a Canon S95 a few years ago, and hoped that I would be able to use the Magic Lantern software at some point, but when I looked into it, the firmware in my camera was incompatible.
I would rather have used the S95 for my timelapses than my D200, though the D200 is better quality, but I don't have that option. :shrug:
I set the D200 to the smallest Jpeg setting btw, which gives a me a 1936x1296 file which I can crop to 1920x1080 for widescreen. A higher megapixel file could give me options to crop, or pan an crop, within the file, but I haven't needed to do that yet, so I keep the files small.