I recommend (and use) the Canon S95 as a convenient, take anywhere camera. It's small (tiny, actually - fits easily in a pocket when wearing shorts or pants) but has a large sensor for a P&S (same as the G12), plus an f/2 lens (at the wide end, at least) so it does well in low light. Importantly, it shoots in RAW so I have more freedom in post (and DxO has a module for it). The Canon waterproof housing for the S95 is quite inexpensive as camera-specific housings go.