My friend has the Olympus Waterproof Camera and we took some great shots of the kids in our pool both above & under the water. Because it is shockproof we were throwing this camera around in the pool - no problem.
The only disadvantage is the zoom is not really powerful, however for the purpose it was great.
I already have a pretty good camera so I can't really justify to but another camera right now. But if they improve the zoom, I'll be buying one for sure !!!!
Lesley