...normal behaviour on Ixus cams (also on some others, e.g. the SX10) with extra playback pushbutton...
You can power on with the [>] button, cam starts in playback mode, lens stays retracted, pressing [>] powers the camera off.
When the cam once was in record mode, [>] only changes between playback and record mode, also when the lens is retracted by the power management...