Sony just announced a new groundbreaking fixed lens camera
http://www.dpreview.com/news/0509/05090801sonydscr1.asp
APS-C 10.8 Mpixel CMOS sensor! A preview of the D200 sensor?
Live view!
3 frames/sec
24-120mm equiv F2.8-F4.8 lens looks good but probably not optimal for underwater use. The wide end is not wide enough and it has a long travel in the zoom so it's probably hard to make a wet WA lens for it.
Phil's summary did not include a X-sync speed. He wrote Max Shutter 1/2000 for all modes. If by that he means the X-sync is 1/2000, that'll be very impressive. I think it's unlikely based on my understanding of CMOS sensor designs, but Sony could have come up with something new.
Cost: $999