There are two major flaws with the W200: it does not have a Macro Mode for underwater shooting and it only works with microSD cards. Those two drawbacks are enough that I cannot recommend the W200 over the second-generation Kodak PlaySport, which currently costs approximately the same, depending on where you shop.
Still, if you told me four years ago that underwater HD camcorders would cost less than $200 and fit into a bathing suit pocket, I wouldn’t have believed you. To that end, the Samsung W200 is capable for shooting some very cool video and it sports a good and rugged design—one that absorbed a good amount of abuse on my watch. So it’s not that it is a bad product. It’s just not the best product for the price.