My lanyard is coiled, some sort of nylon rope with elastic. One end is a bolt snap and the other is a 1/4X20 screw that threads into the tray. I trust it as much as anything, which is not entirely. I have only had to let a camera go just a few times over the years I have carried a real camera rig, Nikonos, housed film slr and now my S90/FIX. I have always clipped off to the scooter ring or a d ring on my waist strap. The thinking being that if I needed my arms, I needed them free of the camera then I would need them free of the lanyard.
But, like I said, I am considering adding two smaller snaps and lanyards to tie it in to my chest strap d rings suspending the camera lens down. Being clipped at three places, like a tripod, would be fairly stable for transport, then unclip the chest d rings when I am not in transit. My camera is fairly heavy and ungainly for a small rig due to the arms and two Inon D2000 strobes and large wide angle lens.
Over time I have found, the best place for my camera, from the beginning of the trip, once I leave my hotel or the car or whatever, until I return, is in my hands. Sometimes if there is a good camera table or a place I can snug it away and the crew is cooperative I will set it there between dives, out and in etc. Otherwise it is in my hands. Best that way with expensive stuff.
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