I own the Creative Vado pocket video camera.
It’s great ‘above’ the water: extremely light, small and very affordable. Very wide angle lens so you can get a lot of the horizon in the picture. Under good light conditions the quality is pretty amazing.
Built-in 8Gb of memory allows you to shoot 2 hours of 720P HD movies.
I bought a waterproof bag for the Vado to make shots of the fish released etc. The shots are okay but the noise of the bag is really annoying.
So I guess the best pocket camera for now is the Kodak Playsport. Just waterproof on its own.
Well, I’ll keep my Vado for now. The underwater shots aren’t that appealing after all.