Hey, look, it's a rugged ultracompact camera from Sony (in case you hadn't already read about it). The Cyber-shot DSC-TX5 is basically a refreshed version of the TX1 made to be waterproof down to 10 feet for up to an hour, survive drops of about 5 feet, and keep shooting in temps as low as 14 degrees Fahrenheit. Plus, the waterproofing makes it dustproof.
Like I said, it does all the same stuff as the TX1 including those Sweep Panorama shots (it's Intelligent now for improved stitching and detection of faces and subject motion) and 720p video, but now it does them underwater. It uses the same Exmor R backside-illuminated 10-megapixel CMOS sensor, so you get the benefits of its fast shooting performance and low-light photo improvements. Also, as with all T-series cameras, it's controlled for the most part by a 3-inch touch screen.
And yes, the memory card slot is compatible with both Memory Stick Pro Duo cards and SD/SDHC cards.
The TX5 camera will be available in silver, black, pink, green, and red this April for about $350