I bought the sony tx5 because I wanted a good waterproof camera and also a camera with sweep panorama. The tx5 does both, so I didn't have to buy two cameras. I enjoy taking panorama pictures, but my kodak required you to take 2 or 3 pictures and stitch them together. This involved lining up the pictures accurately, holding the camera level and hoping that the lighting conditions didn't change between shots. Any of these things would ruin your panorama and you'd have to try again (or give up). I did get some great panorama pictures with my kodak, but the process was too hit and miss. So the first picture with my tx5 was a panorama shot and it turned out great first time.
I expected the tx5 to be a camera for special trips rather than everyday use, but I use it more than any of my other cameras (I have 5 other cameras which I currently use, including a canon SLR). The Hand Held Twilight mode is brilliant. I've taken lots of very atmospheric shots in dark castles and it seems to cope with anything. No need to use flash, where flash is forbidden. HHT mode also came into its own at the Nubian Museum earlier this year, where I was able to take pictures of the mummies again without flash. I then tried a sweep panorama while walking down one side of one of the mummies and got amazing results. The rest of our sight-seeing party, for all their flashy SLRs were astonished at the photo quality this little unimposing compact was able to deliver.
I've not had chance to test it underwater yet, but based on its performance so far, I'm confident it will deliver fantastic results.