I did quite a bit of research on this because I, probably like a lot of you, use my camera outdoors a lot and I've had problems in the past with a camera shutting down when the air gets too wet. Also generally I wanted a durable camera. What I found was that the best reviewed waterproof camera was the Sony TX5. So I got one for myself as a Christmas present
Info from the Sony site:
http://www.sonystyle.com/webapp/wcs/stores/servlet/ProductDisplay?storeId=10151&catalogId=10551&langId=-1&productId=8198552921666122654It is waterproof, dustproof, shockproof, and freezeproof. 10.2 mpx. And with zoomable HD video. So far so good. I tested it by filling my sink and dropping it in, turning it on, filming an HD video and then leaving it on with the lens cover open for about an hour under water. Took it out dried it off and then let it air dry the rest, and no problem.
You can find a point and click waterproof camera for less money, but I figured I might as well get the best reviewed one now or be sorry later. The picture quality is great. It is all touch screen menus, which can be good or bad depending. A con is the battery life. And they're not cheap. But once you've invested in a backup battery and a memory card you shouldn't have to spend again for awhile. Another con might be the size. Its a little small and has a slippery finish to hang onto, although I haven't had a problem with that and I like that fits into a pocket or a belt case easily. Also I have heard that in spite of its overall toughness, the paint chips off easily, so you should look for a silver finish if your clumsy and/or don't want it to look like crap after a few years. But I can overlook those cons because of the durability and shot quality.
I'll try and post some photos sometime.