The only waterproof recommended and used by paddlers is the Pentax Optio.
The Olympus sucks- I bought one by mistake. Lasted less than a year. Image quality was noisy, very low quality.
I've switched to a Nikon non-water proof that I keep in a baggie and a Pelican box. I take it out when I want to use it. As it's not waterproof I'm limited to smooth seas.