Panasonic Lumix TS1 (FT1 in Europe) is the first waterproof digital camera from Panasonic. It has 12.1 megapixels resolution with 4.6x optical zoom. And can work in the water up to 10 feet deep or fall not over 5 feet high. I can record video in AVCHD Lite.
It is a modern compact camera which designs for use in extreme condition. It can resist to water, shock, dust and corrosion. TS1 also performs good photos even on land or under water. The image quality equivalent to general point-and-shoot cameras.