Pete, I'm sure you'll like your camera.
I love gadgets. Sometimes I even get paid to play with them.
But I hate complicated crap. And I tend to be a little rough on my stuff, especially when skiing or doing water activities.
Last winter I won an Olympus SW1030 in a little raffle. It is advertised as Waterproof, Shockproof, Freezeproof. I have to say that I was calling BS, especially on the Waterproof part. No more.
Shockproof - as we did the raffle, people were literally tossing the camera around the ski lodge. And letting it hit the floor. No problem.
Freezeproof - well, I keep it in an inside pocket because whether its freezeproof or not, batteries work better when they are warm. But I've let it get pretty cold and it still works fine.
Waterproof - I really didn't trust this one. Sure, I dropped it in the snow and it still worked fine. It got a little wet when I was out in the rain one time. But like underwater? No way with this little thing. So I took it rafting one day figuring at most it might get splashed. I miscalculated on our put-in spot and got tossed from the raft in the first rapids. After a 100 yard swim down the Merced river in really cold water, I got back in the raft and laughed as I pulled the camera out. Still working just fine. The other day I actually took an underwater picture with it. The flash fired and it took a pretty good picture. I'm a believer now.
My other two criteria for skiing are 1) compact, and 2) long zoom - it has to fit in a small pocket - ideally in the little pocket on the belt of my pack and it should have the longest zoom possible in case I want to shoot someone across the valley or way up the couloir. This thing is tiny - check off criteria #1. Zoom - well, its compromised there. 3.6x zoom isn't as much as I'd like. So far that's one of its only shortcomings.
I also had a Canon Powershot A720 IS and it was too thick for my tastes. It did have a longer zoom, but if I can't fit it in a pocket well, who cares. I took advantage of Costco's generous return policy and swapped it for a Panasonic DMC-TZ3 last winter (just before I won the Olympus). The Panasonic is pretty darn good. Its thin enough for my pocket criteria (thicker than the Olympus though). And it has a 10x zoom - really nice, and a good Leica lens.
For a while last season I was carrying both cameras with me. But I'd only take out the Olympus if it was snowing or if I thought I might drop it. I still have the Panasonic and I do take it on vacations and use it if I need the long zoom. But if I do get a new DSLR, the Panasonic will be given to one of my kids as a gift.
My bottom line - if you want it for skiing and fishing - get the Olympus. You'll be extremely happy the first time you drop it in the river and can fish it out and still take pics. I still don't believe this thing is waterproof. Every time I get it wet it amazes me.