It's your choice really; I was just summing up the advantages of the TZ5:
1) considerably smaller (about a centimeter in each dimension)
2) much better screen ( I said 230k before, it's actually 460k, which is twice the resolution of the SX 110)
3) more useful zoom range of 28-280mm compared to 36-360mm. Not quite as long on the long end (not very noticeable), but much wider on the wide end. So when you shoot landscapes or large groups, you don't have to move back nearly as far.
4) the Canon shoots 0.7 or 1.2 frames/sec, the TZ5 does 2.5 FPS for 5 frames.
Despite not having a full manual mode, the TZ5 does let you choose ISO, exposure compensation, exposure bracketing, and has a lot of scene modes to fit a particular situation (for example, long exposure night shooting). I don't think a full manual mode is really a huge selling point on a P&S, since you can't really get creative with the aperture settings (due to their tiny sensors, all P&S cameras are incapable of rendering shallow DoF).
That's just my 2 cents.