Just the opposite for us.. the Pentax looked better and was cheaper..
Also there are 2 models of the Olympus.. the 770 and 790.. The 790 is good to roughly 10 foot.. the 770 is good for roughly 25 foot.. HOWEVER... there are several recalls on the Olympus and the 770 is being discontinued with the new model coming out in March..
Probaly look at the that one when it does come out. But, for the Easter 08 cruise didn't want to take any chances of not having a camera.. So we got the Pentax for now...