The Canon Powershot series are very good. If you are worried about durability, get the Powershot D10 or one of the Olympus Stylus Tough series. Both are waterproof and shockproof. You can put the camera in your fishtank to take pictures, and get rid of distortion from the glass altogether!
The Canon SX 20 seems to be better than the SX 120 though, but it is like $150 more. I would recommend both if you are looking for a good point-and-shoot.