I have the Olympus 770sw, it came out a couple years ago. I have had it in my vest pocket for most of the time and its still going strong. Takes good pictures and hasnt had any problems with the water or being bumped around in my vest pocket.
I was at Best Buy last week and saw the new version of the camera and it looks great. It takes pictures and video, is water resistant and crush resistant to about 220lbs.
I like mine but might be upgrading to the new one soon
KirkG.