I finally purchased a Canon S5 IS and chose it over a Panasonic FZ18 because of lower noise and better image quality in producing an 8x10.  I will have to forgo the wide angle on the lens.

Now I need to make a decision on weather to get the Lens Hood and Filter adapter plus a 58mm UV filter.  The main purpose of the filter is to protect the lens.  The main purpose of the Lens Hood (other than to hold the filter) it to reduce or prevent lens flare.

I was told that in addition to adding bulk it also adds some weight to the camera and may affect the balance.

So I am soliciting opinions on the pros and cons of this.  How important is protecting the lens if one takes care of their equipment.  How much of an issue is lens flare on a camera like this?

What are most people doing with a P&S similar to this?