Canon makes several series of non-SLR digital cameras; each line of cameras begins with a letter-number designation. The A series is the entry-level tier; they're the least expensive but they also lag in features. The Sx00 Elph series is the most compact. The S and SX series is mid-tier—larger and more powerful. The G series is the top: it has a lot of the EOS features but lacks interchangable lenses.
This is officially part of the S series—the "X" stands for extra zoom.
Canon apparantly played the same numbering games with this as they do with the EOS series: single digit models are the high end, two-digits are the middle-tier, and three digits are the base; though recently it also appears that they're just going with the three-digit series only.
The HS means, I believe, "high-speed," because the camera has better noise-reduction capability, which allows it to shoot at higher equivalent ISO speeds.