Which waterproof compact camera can be called (most) serious?

Another option is the Ricoh G700 - pricey and again cursed with a tiny sensor and lack lustre image quality- but other than those couple of issues it probably has everything you could want!
Ricoh-G700-Waterproof-Camera.jpg
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Wonderful thread. I have been pondering a waterproof camera for some time. I just can't seem to get myself to spend the money on one for fear of being disappointed.
I will admit the TS2 has my attention.
 

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Nice movie!!!

I am indeed thinking about a cheap ( / reasonably priced) ultra compact camera that simply can't break down.
- IQ is less important (I use K-x for that kind of stuff) and with LX3 experience I am also OK to sacrifice tele zoom (but love to have wide angle).
- Less Mega pixels would be just fine for me as well (at lower cost or better noise control / High ISO performance)
- Less buttons (no zoom) would also mean less to break down, I would actually be fine with only one button (utilize shutter to turn on/off the camera as well) for 99.7% of usage for such ultra compact&robust P&S (with good iA mode and offline post-processing).

[sorry for double posting - but thought was needed to maintain information]

PS: The bag solution is no solution for me, I will always forget to put it on / take it with me and I also intend to have my 4 years old kid use this camera (she now has a pink plastic one, looks digital but no sensor, also no analog because no film, indeed totally fake, so desperately needs an upgrade and not yet ready to share my wife's LX3)
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