Franco beat me to the punch, and will beat me to the retailers as well :-)
Here's the maker's info--this camera's clearly a step up from the justly popular Optio WPi:
It's very, very compact, metal-skinned and 5.3 oz w/o battery and card. I don't especially like the zoom range beginning at a not-at-all wide 38mm eq., and the fact that Olympus continues to require their cards to do panorama stitching. Worse, there's no optical viewfinder and no TIFF or RAW modes.
But for the adventurous, the clumsy and the unfortunate, the shock proofing and water/dustproofing, combined w/ 7 meg imaging are quite attractive.