Cannon S50 or S500 for continuous shooting???

I am looking to replace my Sony DSC-P72 because I am really unhappy about the continuous shooting capabilities or lack there-of. I am pretty new to digicams and photography in general has been a point-and-shoot kinda thing for me so thats why I am here. I do a fair bit of mountain biking and am looking for a camera that is small like the Sony but will give a much better quality continuous shooting experience just so that I can take a sequence and then pull the pic I want or keep a good sequence. I don't expect glossy magazine type super shots, just a little more accuracy in the pictures and some quality that is worth saving and post to websites. I really have found the Sony to be a bit of a "picnic and zoo" picture type camera which is all good and fine for those circumstances.
I am looking at the Canon S50 & S500. The reason being that they have approximate 2 frames/second specification and a whole bunch of other stuff including much higher megapixel that my little Sony does not, as I said I am fairly knew to the whole thing.
My question is which one should I go for or am I looking at the wrong cameras all together?
I am trying very hard to keep the cost down to around $700-$850AU if possible.

I can get the S50 for about $850AU and the 500 for around $750AU.

Start looking for cameras that will do at least 3 fps. I know you say that you don't need magazine-quality photos, but 2 fps is really slow. My Canon G2 will do 3 fps and I don't think that's enough for dirt jumps, drops, or anything that involves any kind of speed. For serious sequences you need at least 5 fps. But you'll have to buy either an SLR or compromise your resolution for thaty kind of frame rate. I was looking at the Coolpix 5700 a couple of days ago and it is capable of something like 12 fps, but only at a reduced resolution.