When I mentioned lens speed, it is the F-stop of the lens. Someone else can hopefully come by and explain it in greater detail, but basically the higher the F-stop of the lens, the more light it needs. For example, a lens listed as F1.2 can take pictures in low light much better than a lens which is F5.0.
The lens on the HP is f 2.8-3.1, it changes depending on how much zoom you are using. The Olympus is f 2.8, unchanging throughout the range of zoom. I don’t think this is a big difference. To compare to the Olympus 4040, a 3x zoom, the lens is f 1.8-2.6, ie the lens is faster. Can someone stop by and explain how that relates to available light in an easy to explain manner? I’m over my head.
You can play games with ISO, and it does work well, but you are giving up clarity just like with film. Running the camera at ASA 400 will give you grainier images, but you’ll be able to take shots in lower light without resorting to flash. I believe it turns up the “gain” on the CCD, but I’m not sure what that means.
I have the Oly 720, very similar to the 730. My biggest complaint is that there is no IR illuminator, so at low light it has difficulty focusing correctly. This is regardless of flash, the camera just can’t focus on the subject in low light. Pain in the ass, I wish they’d add this feature.
I did fine with my 3x model (Oly D-490) for a year before I lost it on a train. Would I have bought a new camera if I hadn’t lost it? Eventually, but not right away. I could take most everything I wanted, but now that I have the 8x I can take shots I didn’t know I was missing. And for printing and cropping, I’m glad I have 3MP.
My advise would be to buy a cheaper 2MP camera with 3x zoom and decide if you like it. Prices are dropping rapidly, and all cameras are obsolete in 1 year anyways (at least from a sales POV, they continue to work just fine). Spend some time getting used to digital, find the right software, printer, etc, and once you have more info and experience, look for a more serious one. You may find that you’ll be fine with a $200 unit, or you may love digital so much that you go for a $2000 SLR unit.