Dunno about that. I went to see a friend's band play in a pub last night, and he handed me his S95, asking if I would take photos of the band for him. After all I had heard about the S95, I figured it would have a somewhat decent chance at getting some nice photos in the low light of the pub. Granted, I'm accustomed to using a DSLR, but the results were just as awful as I would expect a point-a-shoot camera to produce.
First, I put it in M mode and changed every setting available to maximize my results, but it was quite dark in there, and just to get 1/60s at f/2, I had to use ISO 3200 (and I had to stay at the widest focal length to keep it at f/2, of course). The noise was absolutely atrocious at that sensitivity, so I figured I'd slow down to 1/30s to get ISO 1600 and then use the flash and drag the shutter. Maybe that would produce something useful, I thought. So I pop up its little built-in flash and go at it, from a distance of about five feet from the band members who were at the front. Out comes this tiny little 'puff' of light (for lack of a better term) that had no effect whatsoever at that distance. That little flash was just too tiny to do anything useful. Then I check to see how the noise looks at ISO 1600, and it was almost indistinguishable from ISO 3200: horrible. Each photo was just a mass of grungy stipple.
Then I looked at what my videographer friend was getting out of his HD camera, and it was worlds apart from the S95. I suppose the HD camera might have a slighter bigger sensor in it, and it surely costs a whole lot more than an S95, but he was getting some incredibly clean video in that light.
Anyway, I took some photos for him, but they won't be very useful for anything more than a small web photo. In short, I would not say that the S95 "takes excellent low light pictures." It's just not the tool for that kind of job.