That's the camera Tas brought to our attention recently. That will be my next boat cam. Based on all the review sites, it's got the fastest lens among the waterproof P&S cameras, and average or better all-around performance for picture/video/speed/focus/startup etc. You can also buy a silicone jacket for it (search for: Olympus CSCH-108 Silicone Jacket) and a nice belt case ( http://www.amazon.com/gp/product/B004OOJXV0/ref=ox_sc_act_title_4?ie=UTF8&psc=1&smid=A2P7U8ZHUJIO9T ).

None of the waterproof cameras are as good as equivalent priced general purpose P&S cameras. If you want waterproof without image quality compromise you're in the $800+ range and larger cameras such as the Nikon AW1 with one of the waterproof lenses specially made for it.

I'll let you know what I think of the TG2 picture quality after playing with it a bit.