The words that causes me to pause and think are "mountain biking".
If you are the mountain biker, I would worry about suggesting a camera larger and heavier than the G7/G10.
If the G7 has lasted all this time under harsh environments, I would tend to stay with what works.
Hey, my G7 was recently stolen and I'm going through the process of looking for a new camera.
I'm looking in the area of the New G10 or perhaps a DSLR (preferably Canon or Nikon).
My budget is flexible, kind of, I'm looking at spending around $1000ish. I'm looking at taking some action sports photography (mountain biking), but mostly its just spur of the moment type stuff. Lots of bright colours, landscapes.
So any suggestions??