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Pretty cool stuff. Officially submersible to 1.5 meters for up to an hour, but supposedly supports depths of up to 3 meters for short periods of time. Shoots 640x480 video @ 60 fps using a very good compression codec, so video will probably look very good. Check out the article for more details and one of the goofiest product reviews I've ever seen:
Akihabaranews.com