I just received the Olympus TG-2 in the mail this week, and splurged on the two lenses as well (teleconverter and fisheye). I posted my review on Amazon here:
Short summary? It's as good as most affordable point and shoot cameras, but not on the same level as the cream of the crop (like Panasonic LX7 and Sony RX100) or mirrorless camera systems. Yet it's way more expensive than equivalent quality cameras... all that cash is going into making it waterproof, dustproof, and tough. I would plan on keeping this directly attached to my backpack strap at all times, even in torrential downpours and crossing rivers and dusty trails, to catch the shots that I never would have considered otherwise (or those that are too quick to ready a well-protected sensitive camera). The option of expansion lenses is expensive, but opens up some extra creative expression not available to any cameras of comparable quality.
I don't have details about battery life yet. The TG-2 has an aperture priority mode, and better macro features compared to the TG-1.
Here are some weights for the gram-conscious: (in ounces)
TG-2 camera+battery: 8 1/2
teleconverter: 3 1/2
fisheye 5 1/4
cable (proprietary, not standard usb): 1 5/8
Li-90B battery: 7/8
Note: If you use a StickPic, the fisheye weight is precarious; the ring has a tendency to slip. But it's still doable.
Also worthy of consideration once it comes out: Pentax WG-3, which will have a 16MP sensor, but other differences.