Personally I think you should make a list of what you are looking for in a camera and choose the camera from that list. You will obviously have an idea of what types of pictures you will take most often, and what you'd like the camera to be able to do or have. Both cameras are great cameras, but both will also have different strengths and weaknesses that will commend them to different situations.
I do not own the Canon and have not researched it, but i do own the 602. The strengths of the 602 to me are
(i) super fast focusing, allowing for a very low focus lag (not to be confused with shutter lag)
(ii) 6x optical zoom, compared with 4x on the canon. this combined with (i) make the fuji a great camera to take pictures of wildlife & sports
(iii) good manual focus system through a fly-by-wire ring (it is really much more useful and practical than the LCD MF on my Oly 5050
(iv) excellent macro abilities
(vi) ability to take in CF I & II, and SM cards
(vii) compatible with regular AA batteries, allowing for the use of AA rechargeables, Lithums, or, in cases of emergency, off the shelf alkaline AAs from a store near you.
(viii) while i personally prefer the setup/ergonomics/menu system of the Oly 5050 to the Fuji, the Fuji is quite friendly in this situation too, and i definitely appreciate its very flexible "review zooming"
(ix) the most "customizable" of fuji's non-slr digicams, allowing for the most creative control (although the Oly has the fuji beat in this respect)
(x) very good burst speeds & high iso modes (although at reduced MP)
(xi) evf ... some love it some hate it, i find it pretty decent and much better than the relatively much worse optical tunnel vf on the 5050
conversely, its weaknesses are the lack of an AF assist lamp which results in poor low light focusing abilities, but i find that in these cases, the focus ring more than compensates for it. you might like to know, though, that the canon has an AF assist lamp, and in this case has the fuji beat in this respect. also i have not tried my fuji with a flash, but i am not aware of any dedicated flashes for the 602, while i do know that the canon has dedicated flashes that (i think) offers full automation through the camera. that may also be another thing to consider. the Oly 5050 has a hotshoe that will take most flashes, but is fully compatible with the FL-40 (which is too damn expensive for me i might add!) but the possibilities that come up when combined with that flash... *drool*
as for the canon, as i have said, i have not looked at it in depth, so i will refrain from giving any opinion on it... because i have none. from third-party impressions though, it certainly seems to be a very capable camera, and one thing i hear about it is that it produces images that have very little noise. but having not owned it, i cannot comment either way on the matter.
so, i would think that the best thing for you to do would be to sit down and make a list of what you are looking for in a camera, and see which of the two better fits your needs. for me, i own both the fuji 602 and oly 5050, and they are very much complementary in nature. i am always finding situations that the 602 does better in, and others where the 5050 is the better choice. so it really all boils down to you and what you want to do.