When I was thinking about buying my first digicam, the Coolpix 4500 was high on my list because of its macro capabilities, but in the end I went with the Canon G2. A very good choice (f/2.0-2.5 and SHARP!), only the limited close-up ability was nagging at me. When the 4500 was discontinued without being replaced by a new model, I bought one at a good price for a project that never materialized. So it rested on a cupboard until this spring. Boy, what have I missed!
If you own a DSLR, a dedicated macro lens will give you better picture quality and more distance between lens and subject. At least with anything that's more than one feet over ground. Sadly, many of the best macro opportunities open up in the first two inches above worm level. Working there with a DSLR is difficult at best. Even with a right angle viewfinder you have to lay down to take the picture. And getting below a subject for an interesting perspective or for keeping the shadow of the camera out of the picture gets really awkward. With the swivel design of the Coolpix 4500 squatting down is all it takes to get on eye level with a frog - or even lower.
On Ebay, this old, slow fossil of a camera still sells for $200 upward. Those, who buy, know why.
I guess, when APS sized sensors are comming down in price, we will see a dedicated macro digicam with tilt-and-swivel design again, with VR/IS/OS. Bigger, but more capable than the Coolpix 4500. There is a market for something like that, I think.
--tinu--