My wife recently picked up the Waterproof/Shockproof camera from Olympus and so far we've been pretty impressed. Usually for watersports, we bring the Digital Rebel with, but I think that's less likely now with this camera. I think it's the perfect camera to have on board the boat.
http://www.olympusamerica.com/cpg_section/product.asp?product=1365
She bought the extra floaty armband that will keep the camera afloat if it happens to fall off the tube. We tossed it a few times to test and go figure, it works. (The 10 mega pixel version is heavier and may not float as well). We've also buried this thing in the sand in an attempt to get some testing in during the return period. The instructions say to dip in water to clean after this type of use, so we put it in the lake to clean
The camera has a pretty good stabilizer that is perfect when the water is less than glass like.
It's supposed to also work well in freezing weather. I'll put that to the test during this winter's ski season.
All is not perfect though, Olympus uses XD cards instead of SD. It does come with a Mini-SD to XD card adapter, but some camera features will only work with pure XD cards.
Here's a few picture samples:
From the Tube:
Low Lighting
Distance:
