I've had this one about 6 years, never had a problem, pretty much has always been on the kayak with me. I have dropped it, kicked it, backhanded it
, everything short of running it over. Its all dented up but works a charm. The battery just finally died on it though, not bad lasting 6 years and they are only $8 to replace.
http://www.amazon.com/Olympus-Stylus...5907138&sr=8-1
This is an older model of course, the newer 800 and 1000 series look pretty good at around $300-$400. I think the 720 was about $300 new back then.
Low light is something of a problem for all digital cameras. You can spend a ton more and get a better sensor but in the end all digital = low light noise. I have a $2000 Canon DSLR setup and it's not much better in low light than the point and shoots.
In my case, I decided to just go with my iPhone and a DryCase. Fully waterproof, decent pics with flash, HD video and of course the internet, phone and iPod build in.