Sanyo has just announced the new Dual Camera Xacti which records in full HD in MPEG4 video at depths of up to 10 feet underwater.
The yellow-and-gray camera measures 3.37 by 1.47 by 4.34 inches and weighs about 5 1/2 ounces, so it's not too bulky to carry around.
It can record over 480 minutes of video and can take 14-megapixel still photos.
It should launch later this month for right under $350.