After about a year of deliberation I think Costco have made my mind up for me.
I think I'm going to get a Casio EX-Z80. Maybe I won't go for the shocking pink though, but it is very practical for diving you must agree!
Costco made the decision for me as the have that camera on offer in store at the moment and I have my Costco Amex rebate burning a hole in my pocket - has to be spent by the end of August.
Casio does dive case for the camera, the EWC-130, which retails for around $200 (US).
Casio might sound like an unlikely choice for a camera brand, but I have the Ex-Z505 from about 5 years back and I've been really happy with that camera. The colour reproduction is great, the MP4 video recording is superb video quality, excellent stereo audio quality too. I just hope the ex-z80 is as good!