For $1500 you can pretty much get anything you want in the pocket-sized cameras. I have a lot of experience with the Canon Digital Elph series and have been very pleased. They have the movie function as well. To get a minute out of one, you will need a very large memory card, though. (This will be where the $1500 comes in). Just buy the largest one on the market for your camera, and you will be set.
In my opinion, you CAN go too high on Megapixels. Once you get past the 3.2 megapixels, it will be overload unless you are blowing your pictures up to be larger than 11X14. The 4 megapixels is as high as I would suggest any amateur photographer to go.
I would also suggest to only go with a camera that uses a rechargable battery pack rather than rechargable batteries. Buy an extra battery pack, and you will rarely find yourself in a situation where you run out.
Other than that, price usually dictates what features you can get. With your limit, you will not have a problem.