Canon only just recently launched the new PowerShot V1 as the first compact camera in its rejuvenated PowerShot line-up, but it doesn't seem to be slowing down after that launch. Very early murmurings in the rumour mill indicate that there is a PowerShot V3 in the works that should fill a more photography-oriented niche than the PowerShot V1.
According to supposed leaks shared by Canon Rumors, the Canon PowerShot V3 will essentially be a PowerShot V1 repackaged in a super-zoom body. At the moment, it's unclear exactly how long the PowerShot V3's zoom lens will be, but it will likely be significantly longer than the 16–50 mm-equivalent lens on the Canon PowerShot V1.
What is known is that the PowerShot V3 will use the same 1.4-inch sensor as the PowerShot V1, which could make the V3 a serious competitor to the Mico Four Thirds system for amateur and hobbyist bird and nature photographers. The most recent compact competitor that left a mark is the revered Sony CyberShot RX100 VII (curr. $1,299.99 at Best Buy), but that was released over 5 years ago, at this point. Despite the resurgence of compact cameras, though, Sony has seemingly replaced the RX100 VII with the $899.99 ZV-1 II and $1,099.99 ZV-E10 II (with a kit lens).
If Canon wants to make the PowerShot V3 competitive in the compact camera space, it will need to price it at least around the same price as the aforementioned Sony ZV-E10 II, since that has a considerably larger sensor than the 1.4-inch silicon that will allegedly power the PowerShot V3. If the pricing for the V1 is any consideration (around $990 converted from Japanese Yen), the V3 might be affordable enough to pose a serious threat to the likes of Sony and Nikon in the compact camera realm.
When Canon first announced the shift from the PowerShot G series to the PowerShot V line-up, it hinted that these compact cameras would mostly be video-centric smartphone alternatives for social media users coming from smartphones. That said, a super-zoom compact camera generally has more use as an all-purpose travel camera than a video camera, so it will be interesting to see how Canon positions the PowerShot V3 against the V1.