Well, I am no fan of Olympus cameras in genera (other story) but the waterproof thing has one major advantage:
They might be only waterproof to -10m, but You can get a real housing for them that takes them deeper - and then, You can rest assured, that even if the housing leaks (a little) the camera will still be safe.
I have seen that canon now also makes a waterproof camera, that might be worth a look.
I am a huge fan of my Panasonic Lumix FX07. One thing that made me buy this one is the fact that they actually produced a whole line of cameras that fit into the
same housing!
So when the camera is shafted one day, You might just not have to buy a new housing as well.
Apart from that, my Panasonic camera has excellent lenses built in (Carl Zeiss) and the pictures show. The software makes sense and e.g. white balance is a thing of a few button presses, very handy when taking pictures at depth.
Also, the FX07 and other models have a built in 28mm equvalent wide angle built in - and that is something that most other cameras don't have and that You certainly want - not only for underwater photography.
my 2p
Richard
P.S.: You can see some pictures taken with that camera in the articles on my
website