As an owner of one, its a nice camera. With a strobe attached to the hotshoe, you can turn off the internal flash. This enhances recycle time (different than shutter lag but very important nonetheless). With a high-speed card and the camera set on RAW it takes about 6-7 seconds for the camera to be ready to take another picture. With a Super High Quality JPEG that time is reduced to around 3 seconds.
Shutter lag, as I perceive it, is actually made up of two components with both adding to any delay. Focus time ie...how long does it take the camera to lock focus, set the white balance and get ready to take a picture. Then there's the actual delay between pressing the button to take the picture. Most cameras today, including the SP-350 have reduced the 2nd part to almost nothing. The focus time is a different issue altogether because it depends upon so many things. I've found that most point-n-shoots suffer a little lag here. The new ones like the Fuji F30 seem very quick but lack housings as of yet. BTW (you can go to a local store and test the low light ability of most cameras by blocking the available light and focusing on something as difficult as carpet.
One more note, if money isn't really a concern then maybe an entry level DSLR from Olympus (E500 or E330), Nikon D70, Canon Digital Rebel would be better options. If he already owns lenses from a particular brand of SLR camera, then that would be the natural choice to make. Just a thought. Take care,