I just checked out the sealife website. Their cameras are nice but, it looks to me like, they are basically a camera in a waterproof box. A little large for my tastes.
I have looked at an Olympus Stylus 300 digital. The literature says it "withstands severe weather." Not (under) water proof, but good enough to take out in a rain storm. Price, last time I checked, was around $400.
I was told to expect new models to be on the market in time for Xmas. Which means price reductions on "old" models. Sounds good to me.