I wouldn't be without mine. It's got numerous functions, it's compact, and it takes some pretty darned nice shots. I just keep mine in a soft case with a caribiner(sp?) clipped to my vest or backpack tethered with a cord in case it gets dropped in the water. It barely gets in the way, and you lose the paranoia of water damage/storage of an high performance costly lens system.
That being said: If I ever get a boat with adequate storage and my finances allow it, I will invest in a professional grade camera, and pick the brains of some of the photographers on this forum. The range of focus and the fine detail of some of the higher end Sonys and Nikons just can't be compared with the Optio...but that's for later.
Travis