Pentax Optio WP review
Bought this camera becasue I wanted a small pocketable camera - waterproof feature was a nice bonus. Image quality is good, but no better than (slight inferior, actually) than my 3MP Canon A310. Images were slightly noisier and colors (in default saturation) more washed out than the Canon. Saturation is adjustable, but only in large increments - pictures were either too saturated (@ + 1 saturation) or too washed out (@ default).
Movie mode is also inferior to the Canon A310; the Pentax has a max resolution of 320X240, and the video played back much choppier than the Canon videos. Not sure if this is due to the format (Pentax makes quicktime, Canon avi) or something else.
That said, this is a nice camera and if your primary objective is all season photography it will serve you well. For me, however, most of my photography is done in dry conditions and I'm unwilling to pay the "waterproof premium" given that image quality is no better than a $135 Canon A310. So back to the store it went.
Perhaps when the price drops below $200, I'll look at this waterproof toy again.