the panasonic tz's are really good cameras. they offer alot of versatility, while not full slr capabilities, still performs well. the best part about it IMO is the fact that it is 10x optical zoom which provides the ability to zoom way off into the distance.
if your looking for something with close to slr capabilities however not the slr size the canon g10 is a great camera to look at. you can shoot raw as well as jpeg.
if your looking for an outdoors camera i suggest looking at the olympus line of cameras. i own the older model stylus 700 series which is labelled as an "all weather" camera. i've taken pics with it in the rain before and doesnt seem to get too bothered by humidity or wetness. that being said its not submersible.
however, the other olympus lines such as the 1030sw and the 850sw are submergible underwater up to 33ft and can also take pictures under water. they are shock resistant (meaning you can drop it) from a distance of 10ft. also they are not effected by weather and come in florescent colors if you need the visibility.
if you're looking for a decent budget camera to do some pointing and shooting i suggest looking at the canon SD880. it is decently priced and shoots well for pointing and shooting.
one thing though, on your quest you will have to decide between lith-ion batteries and AA's.
While AA's are more readily available during travel i would suggest you pick up a camera which uses lith-ion batteries and invest into a back up battery and a large memory card. the reason why i suggest steering away from AA's is that the camera usually has a slower flash cycle. if your going to shoot mostly day time without flash AA's are fine. however if your looking to shoot at night time as well, where flash could possibly be crucial i suggest picking up a lith-ion powered camera. also AA cameras tend to be bulkier.
good luck on your search for a camera.
btw. my current setup is a canon XT SLR, panasonic lumix fz18, olympus stylus 700 series, canon eos 35mm slr, pentax slr 35mm, nikon slr 35mm, and leica 35mm.
out of that group the olympus probably gets the most use on hikes and the panasonic will be second on extended trips. i dont pack the SLR's for outdoor shots often unless i've got a buddy with me to help carry some gear.
cheers
JC