Horse,
Not sure where you are up to but I have a Panasonic DMC-FT1 and so far it has been great. Haven't done too much underwater (kids have taken it for a dip a few times) but for a point and click it is great. Pictures are clear, good in low light and video is exceptional, we used it on a jet boat ride last holidays, and it's good not having to worry about it getting wet.
Probably any decent brand is just as good though,
Dave