Ultimately we chose the Pentax Optio W60 over the Olympus Stylus 1030SW because of the storage medium. The Olympus uses a more expensive, proprietary technology (the xD picture card) that is limited to 2GB of capacity and also limits movies to 10 seconds or less. While there are ways around the movie limit, it is currently not possible to get around the 2GB storage limit.
Enter the Pentax Optio W60. Pentax uses the common SD memory card which has no limit storage limit and I can purchase 16GB cards for less than $30..about the same that a 2GB xD picture card for the Olympus costs. The Optio does not go as deep under water as the Olympus, nor is it impact resistant, but neither camera really works deep enough to go SCUBA diving. The optics are better than OK, about what you should expect from a camera in this price range. The price tag on the W60, in comparison to the Olympus, is far more attractive as well.[ad#reviews]
Cons: Part of the Pentax strategy for waterproofing is not using a lens cover, something that annoys me greatly. Additionally, when shooting in movie mode the autofocus motor is quite noisy and makes a rather annoying clicking sound. This can be removed by turning off autofocus when in movie mode but that can be problematic in its own right. Additionally, when I adjust the ISO or exposure settings these automatically reset to defaults once the camera is turned off, to some people this may be a benefit but for me it is a nuisance…especially when shooting at night. Lastly, neither camera allows the photographer to adjust the shutter speed or the f-stop, something very few point-n-shoot cameras actually provide but something I do long for.
For the money the Optio W60 is a great waterproof option. Chosen by us mostly because of the memory card and its lower price tag, it works better for us than the Stylus 1030SW did. To be honest however, as a standalone camera, neither is phenomenal in its own right…a function of the limits of the technology employed. I look forward to the day when a suitable impact resistant, waterproof camera is on the market that allows full picture control and semi-professional options.