There's got to be a way to speed this up further. I take a lot of pictures of sports action when I'm out riding with friends etc. so it would be nice not to have to time when to press the button.
The camera needs to focus (unless your camera has native manual focus mode and you use it) and determine exposure (unless your camera has a manual exposure mode and you use it). These tasks require time, as does processing the photo in to a JPEG and saving it on the card.
Even on cameras with no manual controls you can skip focus and autoexposure by using continuous mode (focus&exp only on first shot) or doing what I suggested above (the same).
Maximum continuous shooting rate of Canon P&S cameras is typically a bit slower than two photos per second, your performance depending on SD card write speed, number of photos on the card and some settings (combination of output resolution and digital zoom -- saving in smaller resolution or poorer JPEG quality may be faster but only if image scaling doesn't slow down more than what you gain from write speed).
1 photo per second is actually already getting pretty close to that maximum continuous mode rate, considering the camera will also focus & determine exposure.