I recently wrote a couple of articles you should read:

Olympus Stylus 1030 SW Preview >>
Outdoor And Waterproof Digital Cameras >>

I'm in the process of writing the final Olympus Stylus 1030 SW review right now. Although I've used it extensively, I haven't really tested it underwater. I did dunk it in a hot tub and take a few pictures. But so far, that's it. It is still working fine, though. And as far as specs go, it is the current king of point-and-shoot underwater and outdoor photography. I've also seen user reviews about the camera leaking. Olympus is careful to include instructions on checking the gaskets before taking it underwater. And it's possible people weren't careful and it was user error. But it's also possible that the Pentax Optio W30 has a better gasket design. I have taken taken the Pentax swimming and it didn't give me any problems. I like the feel and image quality of the Olympus better, though. And you mentioned snowboarding. If you're concerned about overall durability, the Olympus has no competition. I've taken it skiing and mountain biking a bunch. I don't worry about hurting it at all. When I was reviewing the first model, (Stylus 720 SW) I dropped it on pavement and it didn't affect it one bit. So personally, I would go for the Olympus.