Hi Kevon
It's a start. A very entry level video camera but nevertheless a real video camera. Many years ago Hitachi had a decent Hi8 rain proof camcorder but it was not a success. At that stage they were making most of the Canon video so it is not that Hitachi or that model it self wasn't any good, it just was not promoted enough.
Recently Olympus have done very well with their SW series in still cameras and Pentax with their Sanyo made WP series are also doing OK.
I use the Pentax WPi not because it is a "good" camera but simply because I don't trust myself in the bush with a non weatherised model.
So if the Pana SW is successful we can expect more from other manufacturers. Now that the SD card is up to 32GB, making a waterproof camcorder makes more economical sense.
Franco