Olympus Stylus 720 SW (mju 720 SW Digital) review
I shot several hundred underwater images in the Virgin Islands with this camera and was generally pleased with the results. I forced it to flash most of the time and kept the ISO at 100 to minimize noise. The snorkeling shots all had a strong bluish color, but they cleaned up nicely with Adjust-Auto Color in PhotoShop. I attached a thick rubber band to the strap for greater security against loss. The dry land photos were average to disappointing compared to my Sony R1, but it was great to be able to have all the underwater shots from our vacation.
Hard to see the screen in some lighting conditions. The battery wore down pretty fast since I was using the flash most of the time underwater. Also, you have to be alert that there aren't drops of water on the lens when you're shooting out of the water. Water gets trapped under the little lens cap, and beads will distort parts of the pictures. I made a point to open and shut ("on"--"off") the lens cap several times, carefully drying the lens with a soft cloth each time. This seems like a design flaw.