John,I just had a test drive today of the new Panasonic LX1, small, 4x zoom,lovely Leica lens AND full manual control, go to http://www.dpreview.com/reviews/specs/Panasonic/panasonic_dmclx1.asp for details.
Back to the Pentax WP, not the smallest,not the sharpest,not the longest lasting battery,not the strongest, not the most water-proof but in my opinion the best compromise so far of all compact digital cameras for the lightweight backpacker.
I happen to work in a specialist shop that sells over 1000 cameras a month and yes we test and play with them all day long and get a lot of customer feed-back.BTW the silicone skin is a great addition that will solve the "slippery when wet" problem.
With my test camera I have taken over 180 shots, about a third with flash, over a two months period.
Keep in mind that Pentax is not my pet brand, we stock 13 different brands, about 70 different models.