I've been a K20D owner for about 10 weeks now (I spent my bonus on it too). It's a fantastic camera, though I did agonise for a long time between the K20D and the EOS40D. It's my first DSLR, but 3rd SLR.

I'm mostly impressed with it, though compared with friend's 40Ds & 5Ds the auto focus is slower (though they have USM lenses & I haven't tried an SDM lens on the K20D yet), but otherwise it's hard to find fault.

I think it's a great camera to learn the art and science of photography with, if you're serious about doing so. But, it is going to be a steep learning curve from an Ixus P&S. As John Riley said, you can initially put it in green mode and use it as a point & shoot, but you obviously want to try more than that.

Would I recommend it? Yes - but, if I was starting from scratch and it was at the top limit of my budget I'd also be seriously considering a GX10 (or K10D if I could still find one) - and put any left over cash towards another lens or tripod - which I could still use on future bodies.