I have a nikon coolpix 950 that i abused for years out in the mist and rain of the NW, and never could find any casing that wasnt just gigantic and a bi^%h to hang around the neck.

Pentax has just come out with a new model the Pentax Optio 33WR (The WR is for weather/water resistent) They sell for $300 to $350 brand new, and are nice and small and fit well in a wader pouch. They are not meant to shoot underwater, but can be dunked in the water to clean them up, and can also be run under a faucet. 3.3 megapixel, using and SD card for memory.

Thanks to AMoser for tipping me off on that cam. Just used it this weekend on the coast and it seemed to do the trick just fine.