Want a compact camera that you can take anywhere, even 40' underwater? I put the Olympus TG-1 iHSthrough a grueling test during an 8-day trip to Maui, and have published my findings on TechHive in the article titled, Field Test: Olympus Tough TG-1 iHS.
I loved the image quality, built-in GPS, fast f/2.0 lens (at the wide end), 4X optical zoom, 12 MPs of resolution, fast handling, light weight, all weather construction, clean menus, and pretty LCD screen. I think the TG-1 is a good value at $369 USand will serve adventurers well for years.
On the downside, the TG-1 doesn't shoot RAW and the LCD is still hard to see in certain lighting conditions underwater (the latter may be just the way it is with any LCD camera).
Check out my full report of the TG-1 iHS on TechHive. This is a terrific camera.