Thanks Justin - Have you had any experience with any of these? I will head over to cnet & do some research there
Also check out dpreview.com...look in their 'reviews' history as last yer they did a waterproof P&S shootout that included many different models.
Personal experience-wise, I've checked out the Panasonic and Sony models, and have a friend with the Canon D10. All have their positives - the big questions would be how much you think you need to prioritize the waterproofness, the controllability and button layout, the simplicity, the compactness, and the features.
The Canon D10 is well reviewed, and probably one of the better ones for photographic control, having some manual and priority modes in the menus for those interested in their own settings, but it's also much bulkier and less pocketable than most - probably all - competitors. The Panasonic seems to review pretty well, and seems to do well in regular daylight dry shooting situations so would work as an every day camera - but is a thickly-built camera with heavy metal case. The Sony TX is as slim, small, and light as you can get in this category, but generally has less manual control modes and is more tuned to working in scene and automatic modes, though the touch-screen does afford some level of control over a few parameters.
My personal preferences with a compact camera is to prioritize size over everything, then features, then image quality, then style, then manual controllability. So I'm willing to accept less control and slightly less image quality to prioritize extreme portability and lightness and good featureset. I've currently got a Sony TX1, which is the non-waterproof version of the TX5, and it's the perfect combination for me - though I'd like to replace it with a waterproof version and am waiting for more news on the upcoming TX10. When I want to take photography seriously and exercise manual control over everything, I use my DSLR...when I carry the ultracompact, I just want to have a camera on me for those times I don't want to or can't bring the DSLR. I'm OK with mostly automatic cameras, as long as I still have a spot meter, spot focus, and EV adjustment, so I can still get the aperture/shutter I want in a given situation. Others really want to have a DSLR-level of control in a compact, and are willing to compromise on size, weight, and technology to get it. So it's all up to your needs!