I've got a Fuji S5000. 6 meg, 10x optical plus 2.2 digital, delivering 22x zoom. The digital zoom on this camera is nearly as good as optical. Also got the optional screw on 1.5x lens, delivering total 33x zoom, 15 of which is optical. Battery life is excellent - taken over 250 shots from one set of batteries.
Tripod is mandatory, and can't imagine how a waterproof cover could fit it. With such a large zoom however, I get good pictures from the beach in most locations. Can't fault the photos, and has a great feature where you hold down the button and it fires off 5 shots per second, capturing the sequence of a jump or gybe.
Price is $550 @ Harvey Normans, and Gerry Gibbs had the camera and lens for $600 on special.
Problem is, once you've got a camera you're on the beach and your mates are on the water, which sucks !