Check out this Ricoh: http://www.ricoh.com/r_dc/g/g600/

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The G600 digital camera has a 5x optical zoom lens with the water, dust, and shock resistance specs needed for reliable operation in outdoor activities such as marine sports, mountain climbing, and fishing. Water resistance is rated at JIS protection grade 7, with underwater shooting up to a depth of 1 meter possible. Dust resistance, at JIS protection grade 6, guards against infiltration by dust and sand. The G600 can also handle cold environments, being usable down to a temperature of -10°C. In drop testing performed in accordance with US Department of Defense standards, the G600 passed the 1.5 meter shock resistance test so it can be relied upon to handle rough outdoor use.

IT's not as waterproof as the Olympus, but i think 1 meter should be good enough for most of us who don't want to risk damage to our other cameras when we go to the beach.

I was considering the Olympus but i didn't like the Samle photos I saw floating around the web. I think I might go with this one. I especially like that it has a rechargable battery and can take 2 AAA ones when your in dire need. The prospective correction might be fun to play with too. (boys and their toys) that's what my wife's going to say when I talk about getting another camera to my already large collection of digital and 35mm cameras. ok i have 2 medium formats too but haven't used the rolleiflexs in a while.

The one thing that i don't like so far is of course it doesn't have an optical viewfinder. which is one of my prereques. :)

Maybe I'll make an exception I'm getting tired of waiting for canon to come into this market with a waterproof Elph. I have a few but don't wnat the bulky waterproof case.