I got one of these at a woot off.
The good:
You can film underwater. This is so much fun. I’ve filmed fish underwater in a little pond by my house, and clear water flowing in a mountain stream. It’s great. If you’ve ever wanted to film underwater, this camera is cheap and works great. A couple things I’ve found out while doing this is that you have to let all the little bubbles out of the bottom of the camera before filming, or the camera records the sounds of the bubbles escaping and it’s quite loud. Also, the lens will fog up, or get bubbles on it, so you have to wait for a bit til the fog clears and wipe off the bubbles on the outside.
The bad:
The internal lens has a plastic cover (to make the camera waterproof), and this cover causes lens flare in normal above water shooting.
Also, the unit I got from woot had some very fine scratches on the otherwise clear lens cover.