The Pentax Optio WP series is a great little waterproof camera. But, this answer totally depends on what you want for image quality. There are many great cameras out there, and most of them are not water resistant. If you want weather sealed DSLR's, you will be spending alot of money. Waterproof covers/casings for DSLR's cost as much or more than the camera body alone. What many people do is risk it and tote their camera in a waterproof case.

You have many great choices right now, as Canon and Nikon, are coming out with new camera bodies. The Canon 30D is dropping in cost, and is a great camera. Same with the Nikon D200. Pick the glass you want to shoot with, and then pick a camera. If you want to shoot wildlife, a DSLR is the way to go, as you have a huge variety of lense choices. Don't forget a good tripod. After the camera body and lense, the tripod is your next most important item -- and don't skimp on the quality of your tripod.

Choices, choices, choices... you didn't say how much you wanted to spend. Heh, heh... You think fly fishing is expensive?

Hex in my camera case:



Bluebirds: