Canon S100 in a waterproof housing is what I use as a second angle to a 5D and 7D, because it shoots the same video (lower megapixel) but excellent quality. Tons and tons of features, fast shutter (8fps), GPS, one button video, HDR, full manual control...
The Olympus cameras are cool, but I've broken the hell out of them in multiple scenarios, as well as drown them. They are slow too. Good for a simple camera but that's about it.
What exactly are you looking to do with your waterproof camera? Also what is your price range? I shoot a lot of video and pictures so I like nice things... The S100 happens to be the nicest point and shoot on the market (for now) and it really shows it.
Originally Posted by David Miller
I've been looking at the Go Pro Hero 2 for video. Does it make a good camera for stills or do I need a second camera one for video and one for stills?
there is a delay from the time you press the shutter to when it takes a pic. They are incredibly useful for time lapse and video applications, or a second (3rd 4th 5th) angle. I wouldn't bank on them though as they are not meant to be a camera as you might want. Plus how many crappy GoPro videos are there on the web? Way too many. Again, ask yourself what exactly you want to do with your camera and then make your decision.