Sanyo Xacti E1 records MPEG-4/AVC H.264 video, capturing up to 75 minutes of 640x480, 30fps moving pictures to one gigabyte on an SD card. It also takes 6-megapixel pictures with a 5x optical zoom for close-ups of that shark.... 2.5-inch screen flips out and rotates.
The Xacti E1 weighs 8.3 ounces, comes in blue, yellow, and white, and will cost $500 when it hits in mid June.
More of a hiking/camping gadget than Jacques Cousteau, as it is only guaranteed to a depth of five feet for one hour.
http://blogs.pcworld.com/digitalworld/archives/2007/05/a_camcorder_tha.html