Had a chance to look at some new models today and I must say the Sony TX5 looks like the winner at this point.
Panasonic TS2 is nice as well, but when you see how slim the TX5 is and its great features (including touch screen LCD, 10fps burst, panoramic mode) it seems a no-brainer. Both are in the $350 range. These are the cameras to consider if you want a great camera that happens to be 4-proof. I'd say the Olympus 6020 would be 3rd if I had to choose. Note the Sony is only waterproof to 10ft though.
Saw the XP10 as well, it looks alright but it seemed pretty slow and bulky compared to the others. There is an Olympus at Futureshop around the $99 range also. These are the cameras you want to consider that will take a beating at the beach/fishing but you have another camera to take the quality photos.
Open to more thoughts on real-life experiences on these cameras.