I finally decided on a tough, all weather compact camera and after hours of data-mining the internet, I got the Olympus TG-1. It's shock proof, crush proof, water proof, freeze proof, comes with an f2.0 lens and has a host of features that I was looking for for quite a while. The specs are attached below and the local dealer gave me a good deal on it with 24 month warranty from Olympus, an original pouch, a SanDisk 8GB SD card and a free waterproof watch. The GPS, manometer, altimeter, compass and in-camera panoramic stitching are good... so far. Will be putting it through the paces in the coming weeks, especially for Crossing Bridges 9. Pretty tough body though I'm not planning to bounce it off the wall or floor anytime soon.
Dpreview article on the TG-1:
Olympus Malaysia's intro on TG-1:
There's even a special site for the TG-1:
Here's the link to the specifications:
Watch out for the field report from a regular user