I recently purchased the Z33WP for our September trip, and I love it, but...
I am a semi-professional photographer, and I'm used to carrying around a $6K DSLR & lens outfit. Obviously, this camera isn't going to produce those kinds of images, but I was specifically looking for something cheap and waterproof (in that order), and this little camera fit the bill.
I took the camera to the pool with the kids a couple of times to play with it, and I was pretty impressed with the image quality.
The video function is also fun, but as far as I can tell the camera does not record sound while shooting video (I haven't looked at the owner's manual, which comes on a CD instead of a book.)
The reviews on this camera are really mixed - mostly because people are purchasing it with the expectation that it will do things it isn't designed to do (like take great pictures in near darkness - you can forget about getting anything without flash on any of the rides) It also doesn't have a very large zoom range.
This camera has a rechargeable battery, so the PP about eating AA batteries doesn't apply. Shooting video does eat the batteries a lot faster than stills.
If you're purchasing this as your only camera, you might be disappointed by its limitations. If you have another camera and are looking for something that just takes fun snapshots in places (water) where the other one can't go - this camera is a lot of fun.