Right now I have a Canon Powershot D10. It is waterproof and shockproof. It takes nice pics.
Advantages:
Quickest on, focus, snap, off I've ever seen. That's what sold me. I can literally go from off to off in 2 or 3 seconds. MUCH, MUCH quicker than the Olympus Tough series of the time. I think it takes better pics, too, especially above water, where most of them are. And when I turn the flash off, it stays off! Turn it off, change the batteries, etc., and the settings are right where I left them. Battery life is exceptional with the Li-ion battery that comes with.
Disadvantages:
Either the camera, or I, am not real good with underwater shots. Think it's more the user than the camera, personally. It's small enough, but a weird egg shape makes it fairly thick, and it doesn't stuff into a pocket easily. I strap the wrist strap to the waders and tuck it under the waders, but then it's a bit of a chore to get out and ready, which sucks while fighting a fish. That Li-ion battery is flat and square, and requires the exact charger that came with the camera. No other charger will work and I constantly misplace it. None of the electronics stores sold Canon's shockproof-waterproof P&S line, they didn't even know Canon made them. Had to order from Amazon. It was pricy compared to the waterproof/shockproof options from other companies.
At the time, there were a few other brands which made the waterproof/shockproof cameras. Pentax and others, well, they kinda sucked from a picture quality perspective. As evidenced by numerous reviews from photography experts, and I believed them based on a crappy non-waterproof Pentax I once had. The main, respected camera brand competitor was Olympus' Tough series. The Canon was noticably faster, more responsive, and easier to use, and IMO took slightly better pictures out of the water. The Olympus was cheaper, had a better form factor, and while I have no personal experience, judging by others it seems like it takes better underwater pics. It's also widely available in stores like Best Buy.
That said, both Canon and Olympus have new models since I shopped. Both may have improved upon their shortcomings. Olympus makes a solid camera and is a brand I respect. I think a few other quality camera companies might have also entered the waterproof/shockproof P&S market, like Nikon and maybe Panasonic? So my prior research is now outdated on many fronts. I'm still happy with mine and it's a rock, it's taken some abuse over time, and still happily takes good pics. I got what I wanted. If I ever need another one, I'll re-do the research then, but I have no need to now.