Originally posted by Prakticant If not Nikon (I use couple of Coolpixes from 2MPix to 7MPix with Nikon WP-CPx underwater housings, but no RAW there) I'd check the Olympus.
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I think the OP needs to define "underwater". I have one of the Olympus TG "tough" compacts, but it's not what I would consider an underwater camera. If I recall, it's rated for 10m, which basically means you can use it in a swimming pool or when snorkeling. It's not suitable for diving. For diving, housings are typically rated for 40m or more. This is a static depth rating. Movement underwater increases the pressure on seals and reduces the effective depth rating.