Never mind £200! I've just bought a fully waterproof camera for £37.

The spec isn't brilliant, what would you expect for £37? It's a 5megapixel camera supplied with it's own waterproof housing. I'm going to do some pond video just for fun. It'll take a 2GB sd card, and with that you can do over 2 hours of video. I'm not bothered too much about absolute quality, as I said it's just for fun.
The set up is a Praktica Aquapix.
The spec:
5 megapixel. waterproof up to 10 mtrs.
16MB built in memory, expandable to 2GB with SD card.
Video with sound. two modes,30fps QVGA, and 20fps VGA. Records in standard AVI format.
Will focus down to 0.5m. Macro mode, 11cm-18cm.
Can be used as a web camera or audio recorder.
Built in flash.
Self Timer function.
TV output.
Runs on standard 2 x AAA batteries.
2" TFT screen which is surprisingly good.
Comes with some good easy to use software.
You can take the camera out of the housing and use as a normal camera, but I can't imagine why you would want to.

Comes with camera case, two straps, one for the camera and one for the housing, USB lead, TV lead.
All that for £37.0. From Canon you'd struggle to get a USB lead for that!
I got mine from Tesco, no doubt it's available at better prices, but as we had loads of Tesco vouchers I ended up only paying £20.