I'm a big fan of the small, waterproof cameras and I own a Pentax W10, and W30 - predecessors to the W60. I believe Pentax is going in the right direction.

I've found that I take more video footage than pictures, so Pentax's fledgling 15fps HD on the W60 is another step in the right direction. I haven't looked to see what the other manufacturers are doing, but I think Pentax Option W-series are really good values for the BP-crowd.

I'm not a camera noob - I still have a Nikon FM somewhere.

Here's an underwater video of a cutthroat trout filmed with a W30 on the smallest Gorilla Pod wrapped around a tree branch. Not going to win any awards, but it gives an idea what you can do (but please excuse the Youtube quality reduction).

Pentax W30 underwater video