My boyfriend and I are travelling around south east Asia on a kiteboarding adventure until next summer sometime. We have something called a "CamRig" that we can mount to our kites which holds our waterproof Pentax W30. (I think a guy in the Bay Area makes the CamRig.) The Pentax takes photos as well as video, and we usually set it up to shoot video from the kite as it's up in the air. The video quality is amazing, and the camera has survived many a crash with me - I'm new to kiteboarding! The still pics are very clear as well. Much to our dismay, we somehow broke it while snorkelling in Indonesia - I think we neglected to rinse it after taking it into the salt water several times, and also opened it on the beach, which can cause damage.
We tried to replace it with the Olympus waterproof camera - I can't remember the model, it's not the most expensive one, but the next level down. There is no comparison. The Pentax is undoubtedly superior. I find the Olympus to be too tough to navigate - too many photo options. It seems really hard to get a good photo unless you spend about 5 minutes choosing different settings on the camera...definitely kills the spontaneity of a lot of shots. The video quality is nowhere near as good as the Pentax either. We are making a movie of all our adventures on and off the water over this year of travel, and when we tried to insert videos from the Olympus after videos from the Pentax, it was noticeable that the quality had diminished.