Popular topic, or the same person asking the same question on another forum LOL.
I had the Pentax Si which was not waterproof, but very small and took GREAT macro pictures. I also bought the 43wr which had a lot of the same features and the same price tag. However, the minute they make them waterproof, you give up some of the really neat features. At least in the same price range. The Si was twice the camera the 43 wr is. I say was, cause it did go swimming and is no longer with us.
I got the Olympus Stylus 730 which is the pre new waterproof model. It was under $200. and has 7.1 Megapixel, 3X zoom, 3.0" LCD, weather resistant and Image Stabilizing.
Very kewl camera for the price plus a few phot editing features in the camera.
The only down side I see is there is NO view finder (hich I notice a lot of cameras are going that way). I will have to wait for a bright sunny day to see if I can see the screen.
I still have the 43wr for those under water shots but I very seldom use that feature. Most the stillwaters I fish are full of food and you would see anything but green puffs. The rivers, I would have to have a fish on to get a picture and I am a little busy at that point LOL
Here is one of the in camera editing effects.