Note: I am just going for snorkeling not diving, so wouldn't go deep. But if the camera actually leaks, can i still get an exchange or refund (with 14 days of purchase) ?
How about Panasonic TS1, more expansive but wide angle up to 28mm, and can shoot HD movie with 60fs.
Seen Canon D10 selling for $299 USD at US Walmart 2 weeks ago
if you misuse the camera, I dont think it is a good idea to return it.
From my experience, it is very hard to take decent pic/video while snorkelling.. when you are at the surface, the wave makes it hard to hold the camera steady. when you are in the water, how long can you hold your breath?
Not worth to spend this much for a one time thing. I suggest you get something cheap.
And adjust the WB while taking UW pics.
BTW, I'm selling my pentax s40 with factory housing for $65. listed at craigslist already.