The Canon S9x serial is great. I had a couple of the older ones but the pop out lenses failed (they did get very wet). Then went for a cheaper waterproof option Pentax W80 which was rugged but very slow both in terms of AF and processing. And not much good in low light.
After much research, decided not to go with the Lumix which many like and ended up with an olympus TG-2. Really happy with this, super fast lens f/2.0 and very quick to start up. Also had an insane drive mode of about 45FPS which is pointless but fun. And an aperture mode which is useful.
Bit chunkier than the W80, but makes up for it in performance. Bought mine off eBay (new) for £220.
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Long Mynd – WMB Classic Ride[/url] by Alex Leigh[/url], on Flickr
Seems good in low light as well but not many opportunities to test that.