This is my favourite. (Panasonic Lumix DMC-FT1)
I bought one last year on sale just before going to Samoa and paid about $AU300. Really cheap, and fantastic image stabilization. Takes great photos. I’ve had two other Lumix cameras (again for superior low-light ability due to their unrivalled image stability technology) and I was certain their underwater camera would be excellent. I was right. :)
It’s now available to a depth of 10 metres, instead of 3 metres. You can find more information on the Lumix underwater solutions, here.