Don't forget the pressure! Even if the plastic thing is waterproof, i bet the device will break quite early. Actually i wouldn't even take it to 5m.

Sorry - but thats just absolutly false.
True - on a nice sunny day u really get some decent photos.
BUT - that's about it.
Low-light pics are bad. And by low light i mean i.e. walking in a forrest on a foggy day. Rather then building a "carl zeiss" thing in, Nokia should have asked i.e. Fujitsu for some help on the chip itself. Or Sharp They produce water proof mobiles - up to 10m, 12mp res & amazing ISO range. And they r only sold in jp (via NTTdocomo)

Nokia has some usable HW in the N900. That goes for many things - NOT for the camera though.