Here’s Digital Camera Info’s conclusion on their comparison of the Olympus SP-590UZ and Sony Cyber-shot HX1:
The Olympus SP-590UZ has the longer zoom range of the two cameras (26x against the 20x of the Sony) and is also $50 cheaper. But the Sony was a better performer: it produced sharper images with more detail, had superior image stabilization and shoots better looking movies. However, the Olympus had very slightly better colors. Although both cameras are very close in many ways, we think that the Sony would generally be the better option as a general use camera, although some users may want to opt for the extra zoom range of the Olympus.