Here's another vote for the Pentax waterproof series. The newest is the W30. It's a tough little camera and I have seen some amazing shots come from it. It also has a built in intervelometer for time lapse shots. Not too many cameras have that. I sell all brands except Sony and Samsung. ( I dont count the other cheapo brands as cameras, lol ) When I'm not carrying my SLR, I take a Canon G9. It's a beauty of a camera, although not shockproof or waterproof, very robust. And the shots from it are crisp, and you can shoot RAW files. The G7 is a close second. Fuji has the F50fd which won awards over most P&S cameras. Nikon has the P5100 and is a nice little rig for the dough. If your serious about capturing action and getting the absolute best, dont look any farther than an SLR. The D200/ D300 is my fav, but the 40D, and K20D are awesome as well. If you need something lighter and smaller, there is the D40x (now the D60 ) EOS rebel Xti ( 400D ) or the K100D ( now the K200D ).
If it's packability then go with the P&S. I sell tons of the Olympus and Pentax W/P cameras, I prefer the Pentax.
If it's image quality and action, then go with the SLR, but you will sacrifice some space and weight.
Good luck !!
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