Well, it has a 1 in the name so it must be the flagship PowerShot camera. About time, it's been >20 years since the last PowerShot flagship camera. Not sure, though. It doesn't have a hyphen in the name. I thought all Canon flagships needed a hyphen. The V1 doesn't have an L-series lens, whereas the Pro1 did.
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Oh, wait...the Pro1 only had 8 MP and the PowerShot V1 has 22 MP. But the 8 MP sensor was made by Sony, and they know what a real flagship is. So now I'm thoroughly baffled. Is the PowerShot with the better lens the P&S flagship, or is the camera with more MP the real flagship?
Maybe there is no true flagship. Damn Canon for constantly and randomly changing the definition of 'flagship'. It's hard to keep up.