DRNottage: Love my TS2, but please, Panasonic, control the noise! No, it's not smudged like my Sony WX10, but it's nasty and blotchy. Otherwise, it seems a well-designed, rugged machine- unlike the new all-touch screen Sonys!
I have seen the noise on my TS2 as well. It looks like it's snowing under certain light conditions - even when it's not :P
Franz Kerschbaum: I can skip this one, its only minor pollishing from the TS3, which still makes me happy everytime I use it!
I used the TS2 for snorkelling & two scuba dives to ~30ft (the max for this camera). It worked quite well, but I did hit the misting issue with this model while in the Dominican Republic. The air is very moist all the time and the A/C didn't fully remove the moisture in the room is my guess as to why it happened. I wish they would seal the main camera from the battery & sd card compartment so that this would never happen.