Where once there were only a couple rugged/waterproof camera options, there are now several available; just about every major manufacturer has one. From the looks of these two from Samsung, it's still on the fence about whether it needs to compete in this area.
Pictured above on the left is the AQ100, a 12-megapixel ultracompact that's waterproof down to 10 feet for an unspecified amount of time (my guess is 30 minutes). It has an internal 5x zoom lens, a 2.7-inch LCD, digital image stabilization, and can record video at resolutions up to 720p at 30fps. It'll be available to buy in the spring--in blue and red versions--for just less than $200. (It looks similar to the Fujifilm Z33WP, but with better features.)
On the right is the SL605. It, too, is 12 megapixels with 2.7-inch LCD and a 5x zoom, but the lens is a 27mm-equivalent wide angle. It isn't waterproof at all, but the body is "durable" according to Samsung, coated in an anti-scratch mask and featuring rubberized dustproof buttons and surrounds on the bottom and screen. So yeah, not exactly rugged, just able to survive a tumble in your bag. Look for it in spring as well for about $130 in black, silver, blue, and red.