I’ve been keeping my eye on the Olympus Stylus Tough-8000. It’s reportedly durable and waterproof to 33 feet. But I’ve just discovered the Panasonic Lumix DMC-TS1, also supposedly tough and waterproof (though only to 10 feet). The Panasonic, however, can shoot HD video and has a higher maximum ISO. The Panasonic also does some funky facial recognition (which favors recognized faces when focusing), but the Olympus can stitch multiple-shot panoramas in the camera and has “tap control” that allows, well, it appears to allow you to control the camera’s settings by tapping the sides rather than fiddling with buttons.
This reviewer seems to think the Panasonic bests Olympus’ offering. The Olympus is available now, however, and users seem to think it a good one.