I don't know yet, I was just reading the stuff and it sounds like there is some basic functionality if we were to use the firmware update method to run it.
My camera should come tomorrow so I am enthusiastically anticipating it! I was looking over the source code and although nicely documented, its too much for me to try to figure out.
It looks like there was an attempt to implement most of the features and with the chdk SD790 coming along nicely, we can hope the functionality and code can be adopted to this camera as well.
Edit:
So I can get the CHDK to start, I got it to take pictures, save raws, and run the badpixel.lua script resulting file was something like bad_temp.bin so I suspect the script didn't complete so I shall run it again when the battery charges. The raw file is recognizable so I am happy (yes, pretty much all I wanted was raw).
Tested:
badpixel.lua does not finish running - generates a 16kb bad_temp.bin file in chdk directory > Does not seem to really compare anything. BadPixel.exe reads it as about 4000 dead pixels.
BadPixel.exe does not recognize the camera - tried different settings based on the source code 3720x2772 12bit black=31 finds almost 10,000 dead pixels which seems far too high, blacks at 127 finds about 8,000 perhaps closer.
I wanted to add, if someone really wanted to do sometime like time lapse for example through LUA it shold work fine. The script for badpixel.lua does run far enough to capture and save the shots but doesn't do any of the processing. Thus if you edit it with your own time delay you can do custom time lapse shots with LUA. Wish USB remote worked, I saw a neat schematic for flash sync.
Using the badpixel.bin file, I tried to produce DNG files. The files produce SOMETHING but its far from useful.
I opened it in Raw Therapee and it appears to have a grainy colorful version of a previous picture, now that I think about it I may have enabled the buffer option which even ruined the standard raw file.
Speaking of which DNG for PS does not recognize the camera which is logical as well. But raws CAN work, just very hard to work with because I prefer the workflow of photoshop.
It looks like none of the video functions, zoom, quality, etc work.
USB shutter feature does not work, I am somewhat surprised because it looked like it was just a part of the keyboard. I tried USB remote, USB sync, functions and they did not work. Initially I thought it did because the camera would shift into preview but sadly no.
Buffered
DNG (used 300kb badpixel.bin with 10,000 pixels)
DNG with 16kb badpixels has less data, thus the LUA script most likely did nothing useful.
Default RAW
In order to use DNG4PS-2Go to settings > Camera Options
Select any camera and click copy
Name: Canon DIGITAL IXUS 95 IS / Canon PowerShot SD1200 IS
Short Name: Canon PowerShot SD1200 IS
Sensor Size: 3720 x 2772
Jpeg Size: 3648 x 2736
Active Zone x1,y1: 12, 12
Active Zone x2,y2: 3648, 2736
Black-White Levels: 127-4095
Mosaic Type: Red, Green Green, Blue
Bits per Unit: 12 bit
That will produce output... and the DNG is viewable but wont open in photoshop
I use FastPictureViewer so thumbnails appear and it appears in Vista preview however I cant open in photoshop, additionally it can open in Raw Therapee after I corrected the mosiac type. Positive progress but I don't know why Adobe Camera RAW doesn't read it.
Currently I think the CRW files produced by the camera are correct, however the settings for converting it to a DNG must be wrong. Internally, it appears to be using the wrong values I saw something like that when I took a class on image and video compression. The fact that it treats it as a 128x96 image at 14.7mb means its very close.
The same goes for DNG4PS it can generate usable images recognizable by other programs but there is something slightly off about it making it incompatible with photoshop.
Also note that its extremely easy to corrupt the CRW by taking pictures too quickly.