I have an Olympus Stylus 300 that I purchased in 2003. I was so impressed with it I have just replaced it with a Stylus 1050SW.
Back in 2003 the Olympus stylus was the first digicam that claimed to be water resistant (not waterproof). Well on a couple of occasions it was tested for it's water resistant capabilities, once sliding down a class I whitewater chute and once when I flipped my one man cat. Solopaddler was there for that one. After he helped me and my stuff to shore, I took the camera out of my pocket and took a picture. It worked perfectly. I figure if a camera that was not billed as waterproof worked that well, one that is billed as waterproof should be awesome!!
I picked it up from Olympus direct through their ebay store for $112. The best thing, shipping is only $4.95!!!