The Imaging Resource looks at seven contenders (the Canon Powershot D10, Olympus Tough-8000, Olympus Tough-6000, Olympus 550WP, Fuji Z33WP, Pentax W60, Panasonic TS1 / FT1) and has the conclusion.

Waterproof Camera Comparison Review at Digital Camera HQ – Canon Powershot D10 vs Panasonic Lumix DMC-TS1 / DMC-FT1 vs Olympus Tough 8000 vs Fujifilm Finepix Z33.

Summary:

Canon D10 – "Because of it's strange appearance and bulky body, it's not the kind of camera you'd probably use too often in everyday life. It's a vacation or beach camera, only."

Panasonic TS1 / FT1 – "… by far the best all-around waterproof camera. Its durability makes it great for trips to the beach and underwater photography, while its attractive design means you can use it without looking weird. The TS1 takes excellent photographs, as well, vivid and full of life and color."

Olympus 8000 – "… too much emphasis on durability and not enough on image quality."

Fuji Z33WP – "… a nice little waterproof camera that would be a great option if you want to get your young child a camera."

In InfoSyncWorld's Panasonic Lumix DMC-TS1 / DMC-FT1 review, Mike Perlman concludes:

When we tested the Panasonic Lumix DMC-TS1 against the Olympus Stylus Tough 8000 and Fujifilm Finepix Z33WP, the Lumix DMC-TS1 triumphed with the best sharpness, detail and color.

In InfoSyncWorld's Panasonic Lumix DMC-TS1 / DMC-FT1 review, Mike Perlman writes:

The Panasonic Lumix DMC-TS1 was the only rugged compact to feature a decent overall interface and gave the best LCD performance with a sharp, crisp display.

However, when it came to the menu system, they "… still prefer Canon's menus over all other manufacturers, and the Canon PowerShot D10 rocks the x-axis/y-axis structure that makes shooting so much easier."

In InfoSyncWorld's Panasonic Lumix DMC-TS1 / DMC-FT1 review, Mike Perlman found the TS1 / FT1 "… to be the least rugged of them all", and says:

We dropped each camera on the New York sidewalk at each of their respective shock resistance heights and the Lumix DMC-TS1 was the only model that suffered long-term effects.

How the Fuji Z33 fared in DPReview's 'Waterproof' Camera Group Test (Q2 2009) – In this Digital Photography Review's test, the Fujifilm FinePix Z33WP 10 MP Waterproof Digital Camera emerged "Bottom of the class" in almost every test category.

Don Wan, the reviewer, wrote:

The cheapest camera of the bunch was the FujiFilm Z33, and it showed with it being the least well specified camera in the group, although it was also the most compact. While good-looking on the surface it produced some of the worst images of the group, as well as being relatively slow shot to shot. You should only consider this camera if your budget is tight and you're looking for something that will survive the beach (rather than actually getting well below the surface to shoot underwater).

The Canon D10 and Pentax W60 were picked as first and second choice, respectively, in the test.