I don't have experience with either camera, but both are editor's picks at imaging-resource.com; there you can read the individual tests, look at the test photos and decide for yourself which is the one for you:
I am looking to buy a new waterproof point and shoot. I don't care much about how deep it can go, as I will be using it for skiing and snorkeling, not scuba diving. I currently have an Olympus 1030SW, but after three years of abuse the video function no longer works. I don't want to get the newest Olympus waterproof camera, however, because the lag time between shots really bothers me.
Based on the reviews I have been reading, I have narrowed my choices down to the Sony TX5 and the Lumix TS2. I know that picture quality is compromised in general when you are dealing with these waterproof cameras, but taking that as a given, I am looking for the best quality available in this type of camera. Does anyone know from experience which of these two cameras will give me better pictures and video? Any suggestions or advice will be greatly appreciated.