It is WR - weather resistant, not WP - Weather protected. You can swim with the Optio WP under the sea, but not so with the coming Pentax DSLR. But it will stand heavy rain, dust and sand storms and is washable. Just like the current K-serie of weather sealed DSLR's.
If you are a diver and wants to photograph the life deep down in the sea, you will still need extra protection for the camera and lenses.
Weather sealed budget lenses yes... and SDM too, for better AF in movie/live view mode.
And when I wrote it weeks ago it was said that the "new lens serie" was just about a change in colour schemes and no technical/mechanical change. Well well... Same optics, but still changes internally. Not only a change of colours..