I had considered the WPi and I'm glad I waited. This one (released 2/06) has a bigger LCD that I found works pretty well, even in the direct sunlight. No LCD will be perfect in the glaring sun. It has as many preset modes as you would ever need, even some rather absurd ones (putting frilly borders around your shot, I wish I could delete those) No viewfinder but I don't miss one on a point n shoot. Start up and focusing is reasonably fast. The movie modes are great and have excellent video quality, but the sound is a bit spotty but very usable. Wind noise can be a bit of a problem, and keep your finger away from the mic. Zooming in movie mode introduces some digital noise, so it's best to go without zoom when making movies. You can get 15 minutes high quality mode video with sound on a 1 GB card. I used a standard (not "high speed") Kingston SD card with excellent results, no drop outs, stutters, etc. Don't waste your money on the high end SD cards with this camera.
I wish the case was a bit better "armored". The materials used for the case are fine quality, but I'd prefer something a bit more rugged (ie rubberized case) because I intend to use this for kayaking and active outdoor sports. I'd hate to see what would happen to the case if it were dropped or bumped around. The smooth case is slick when wet.
The battery door is OK, but I could see where it could be easily popped open as the latching mechanism is a bit to easy to inadvertently unlock by casual use. Make sure you check it before you take it to water/rain.
All in all a nice camera at a nice price for those need a waterproof point n shoot digital.