I feel that 3m will be good enough, you wont go more than 5m unless diving and diving you are talking about more than 10m. I visited the Olympus roadshow yesterday at Orchard Rd (outside crown hotel) and realise that they have just drop their price to $649 w 1x512mb + 1x1GB + card reader + cordless phone +++++ . Honestly, I feel that all compact camera is almost the same but its really a good idea to make it waterproof. I had a ixus V3 before and once when I used it at the beach and accidentally drop it at the shore, i retrieve immediately but later the circuit board was corroded by the water that seep in.