Got mine today while I was at work. No dead pixels, but even then for you guys with one or two, it's no big deal as that is definately within the spec of what is allowable.
I am somewhat disappointed with the build quality, it doesn't seem as nice as the s110, but I'll have to look at my friend's to compare. The LCD is nice though, I don't think it's grainy at all.
However, I am leery of that slider switch that changes between the play, video and camera mode. It seems like something that could wear out easily. Same thing with the battery door, since you'll have to open it up all the time to charge the battery.