OK my 2 cents, it's a good little camera
I have it in the canon housing with inon d2000 strobe and 2x wet changable macro lenses
most of my comments are how I feel this camera compares to my old canon s80
Pros
-Most up to date processor which I think it reflected in how my photos compare to the old ones in overall image quality and clarity
-Ability to add lenses easily (like the inon lenses with the ad lens adapter), which was important to me as I have just purchased them
Cons
-A little pricey compared to other similar cameras in this category.
-The manual mode is really limiting in my opinion. It is billed as the first one in this series (called ixus overseas here in Oz) that has manual capabilities.
-While you can set the iso and adjust the shutter speed, you really only have 2 apertures to chose from at any given zoom. My s80 had aperture priority mode and other priority modes which I was just starting to have a play with before I experience the dreadful flood.
-The increased megapixel rating does not actually increase the jpg file size too much which I think it reflected in cropping any photos....
-Also when in the manual mode, you have to set a custom white-balance as there is no underwater white-balance, which does not make too much sense to me when there is an underwater scene mode???
My overall opinion is that it is a good point and shoot for underwater use.
I've been happy with my photos so far but am still learning a few things in general with underwater photography. If you are looking for something other than a basic camera you can do all sorts of manual modes etc., I'd look elsewhere.
PM me for photos, I do not care to post them.