This camera sounds a good buy, considering it sells for just over £200. A respectable, relatively low-noise 7.1 megapixel sensor, 3x optical zoom and a sturdy, brushed steel case, waterproof to 10m, generous 2.5in LCD and so on.
Sadly, the Mju is not quite as good in the hand as it is on paper. Even before taking the camera underwater, we were frustrated by its poor design.
The power button is small and annoying, and the lozenge-shaped shutter release is too small and slippery. It's hard to compose shots on the LCD too, which is difficult to see in sunlight.
Take the camera underwater and it gets even harder to compose your shots, especially if the water is murky. The Olympus redeems itself by being otherwise very easy to use, and takes well-exposed shots from the box.
Still, this feels very fussy and fiddly for an underwater camera. If you're happy with your existing camera, save some money and get a waterproof casing for it instead of 'upgrading' to this.