I've been using waterproof cameras for about 5 years. My current one is a Pentax bought about a year ago, but the way companies are always bringing out new models there could easily be a better choice today.

I like the waterproof because I can just keep it in my back jersey pocket, pull it out and shoot pictures or video whenever I want. At this point I know it's buttons by feel and barely have to look at it much to take basic pictures. Sweat, rain or splashes from puddles and creeks (mtn biking) don't bother it. I even dropped one while riding about 15mph and it just bounced twice on the pavement and got a scuff on some plastic. It does not take spectacular pictures; there is a trade-off made to enclose the lens behind waterproofing. But it does take good pictures. My Samsung Galaxy SIII actually takes better pictures but I can't pull that out of my pocket at 17 mph on a rainy day.