quick reply to all.

I am not too worried about waterproofness, as the front pocket of my bag is waterproof. It seems that the general consensus is I should get something a little more secure. So I will probably end up with the semi-hard case designed for the camera and hope it still can fit into the front pocket where it wont get banged up by other things in the bag. I just wanted a confirmation that it is worth my money to get a bag.

(edit) I also like the idea of just adding liner to my bag, but I don't want to mess up the bag permanently, and also I know of no-one with a quality sewing machine. Maybe a removable liner is the way to go (/edit)

As for point and shoots. I find an awesome set-up to be putting it in a cellphone/radio holster and throwing it in the strap. Super easy access.