I know we talked about underwater cameras before (Here) but here is a more in depth look at the Pentax OptioWP. The Pentax OptioWP is probably one of the best looking designs for underwater photography. There isn't a bulky plastic casing like all the rest. It is able to take 5 mega-pixels in up to 5 feet of water. The difference between this design and the plastic ones is a simple rubber encasement. The whole camera weights 4.2 ounces and is extremely portable. There is also a 2" LCD screen for picture viewing. The zoom is lacking at only 3x but for an underwater camera, that looks like it can't swim, that is pretty good. Internal memory for the unit is at 10.5MB. Don't expect to add to that because an extra card slot wouldn't be waterproof.
Consumer Price: $349