In reply to Mark Kemball:
I switched from an Olympus 1050 to the TG2 last winter, mostly for canoeing photos. Very pleased with it, but do indeed miss the lens cover. It gives significantly better results in all light conditions, but is still not brilliant in low light (in common with all waterproof compacts I think, too many compromises). In bright conditions, it can be close to being as good as the DSLR. if its just for viewing on PC.
The "super macro" feature is remarkably good, and I've had some excellent insect photos from it.
I keep mine on an elastic leash, adjusted in length so that if I just let go of it whilst kneeling in the canoe, it doesn't quite hit the bottom of the canoe.