I like the two-prong system:
1. good waterproof case, like, say that Pelican number, and maybe even a ziplock freezer bag for good measure.
2. I only use a cheap camera for my trips and expeditions. This is not to say that it's of poor quality, I shopped around until I found a well-made camera that took satisfyingly good pictures at a reasonable price, used AA batteries (so it's interchangeable with my GPS and headlamp), was fairly lightweight, was small enough to fit in the bucket flap of any one of my packs, but not so small my fat butcher's hands wouldn't swallow the thing up, and replacement screens and components were plentiful. Then I found that exact camera on flea-bay used and in good shape for half the store's asking price.
what I have is the Samsung s630, and on the highest resolution setting (8MP) it churns out a nice picture, isn't a total power hog (one week in Yosemite on the same two batteries, plus another month of semi-idle useage.) It's not overcomplicated, and can be set to "shut up" mode (my favorite mode) as well as other settings, like night shot.
This thing's slipped out of my shirt pocket on day hikes, and been booted ten feet over rocks in The Palisades, it slipped out of the same pocket from ten feet up on a rock-climb, got dewey in the mountains, and been in the very top of my pack as it went end-over-end out of the back of a van, and still keeps on tickin'.
Plus for kayaking, if it takes a dunk, yank the batteries and SD card out right quick, and leave the whole thing to dry. the camera should work still, and I promise that the SD card will dry and be useable.