Trusted Review is one of the many photography sites I have in my feed reader. Last week I received an update notice about its three-page review of six point-and-shoot waterproof cameras. The first page reviews two budget priced cameras; the second page reviews two mid-priced cameras; and the third page reviews two "premium" cameras.
My favorite is the Panasonic Lumix. Though the review says image quality is "so so", both the Lumix and the Sony (both reviewed as "premium" cameras) were nevertheless the best of the group with image quality scores of 8 of 10.
On the other hand, if you already have a good camera and just want something to stuff in your vest to take pictures of the "fish that didn't get away", perhaps one of the budget options would be worth considering.
If you are in the market for a waterproof camera to take fly fishing, here's the link: