We've got one of these at the office:

http://www2.panasonic.com/consumer-electronics/shop/Cameras-Camcorders/Digital-Cameras/2010-LUMIX-Digital-Cameras/model.DMC-TS2S_11002_7000000000000005702"]Panasonic DMC-TS2[/url]

It's great for underwaters and takes some amazing photos. If you're looking for something to be able to take snorkeling or any water sports this is the one to get.

The focusing is pretty fast (well faster than Olympus) so that's a big selling point. It's not expensive so that helps too. It's very feature rich and definitely works well for a point and shoot. If Canon had something like this I'd steer you in their direction since I love all of Canon's P&S but I think this Panasonic P&S conquers any waterproof camera out there right now. Then again that's biased since I'm using this one