I just bought this camera in early may for the wakeboard season.. We've been abusing it (jumping off cliffs.. diving into the water.. bringing it on seadoos.. diving underwater and getting shots) and we have had an amazing time with it. There was only one issue where some condensation got behind the lens (indicating a breach in the seal) and Sanyo replaced it.. no questions asked. We have had no problems with the newest one we have.
It shoots in 720p.. which looks amazing during day shots.. but the video seems to get a bit blurry during night shots when it is trying to focus and during quick light changes.
Heres a link to more info:
Digital Camera | Waterproof HD Camera | VPC-WH1 | Xacti SANYO