Based on the postings here I suspect that there are a number of snorklers on this forum. I just received this newsletter from a Mac reseller ( http://www.smalldog.com/newsarchive/...lay.php?id=501 ) that includes a review of the Olympus 720 SW. This is a waterproof digital camera without the need for a housing. It's the fifth topic down.

Something to consider.

I have read a lot about his camera and wish it had come out before I bought my point and shoort under water with housing - mine is okay but a disposble would have done the same and cost much less - housing is a pain. This has gotten good reviews in several of the photo magazines - check out Popular photography, Pop Photo, outdoor Photography and have listed some others below. I would check out the warranty ( you will see with first reviews - does not make sense)
Have had a digital Olympus point and shoot - almost 10 years and it has been great - never had problems. I would be careful about getting the salt off immediately coming ot of the water. I have had about 4 underwater cameras over the years and salt water is a killer even with the trditional sealed ones. I would look at it seriously - if I did not have one I would be pricing it. Good luck . By the way I found your site interesting and have bookmarked it to look later.
http://www.pcworld.com/product/userr...erreviews.html

this one list some others:
http://www.ecoustics.com/lm/Olympus-Stylus-720-SW

http://www.letsgodigital.org/en/came...20sw/show.html

Seems that most like the ruggedness of the camera but not the low light issue which honestly is a problem underwater with all cameras unless you have an additional source of light - we shoot under water in the morning with the sun and no silt in the water - just remember you will never get a better whot than what you are actually seeing so get up close and extend those arms!. Good luck - hope this helps

The only thing you have to keep in mind with this is that it's limited to 1 hour. For serious snorkelers who tend to lose track of time and stay out longer, this could be a problem.

Another vote for Oly cameras here. They also tend to offer the most availability of uw housings.

We purchased a waterproof digital camera in Feb. 2006. I looked all over the internet and only found 1; the Pentax Optio WP. I purchased it for $400. I love it. It takes great shots above and below water.

Of course after I purchased the camera then many more waterproof digitals seemed to start coming out of the woodwork with better features than the I got. But I still love mine. It's great for snorkeling and taking pictures at waterfalls. The picture quality it many, many times better then the Kodak or Fuji disposables.

I have a Pentax Optio WPi as well. I've used mine for about 3 years now and have not had a problem. I believe mine is labelled for 30 minutes underwater to a depth of five feet. I'm certain there have been times I've lost track and stayed in the water longer/gone deeper, but knock wood it still works like a charm! However, they don't float. Elsewhere I read the suggestion of attaching a marine floating key ring to the wrist strap to buy yourself some extra time if your drop it.

Roberto, I have the same camera you mention--the Olympus 720 SW. I love it as much for the above water settings as the underwater ones. I also bought a dedicated underwater housing for those times I went to go deeper underwater or for a longer time than the camera is rated.