I got the new Sony DSC-TX5 and love it. The panoramic sweep mode is great. You just hold down the shutter and sweep across and it merges the shots into one panoramic. Possibly the most fantastic feature I've ever used on a camera.
I took it up on the Middle Fork and got some great shots. There were also a couple of the Olympus waterproof cameras with us too. You can look at them here; Albums 2010
. If you are curious what camera took what just download the file and look at the exif information embedded in the files.
I had the Panasonic Lumix DMC-TS1 last year and took it on the Main Salmon and you can see those shots here; Albums 2007 - 2009
. Anything from the Salmon to 2010 was taken with the Panasonic.
I would get the Sony if you have the cash.