In the final analysis the Pentax Optio RS1500 is a pretty good walking around camera. There are cheaper cameras that will perform just as well (or in some cases better) as an image capture device, but all will lack the RS1500's plethora of available "fashion" skins and some will lack the RS1500's HD movie mode.
If you're looking for a decent small digital camera with a high customizability factor and HD movie capability, the RS1500 may be the digicam you've been searching for. If you are looking for a small and inexpensive point-and-shoot that will allow you to express your creativity through your images (rather than through your image capture device), you might be better off looking elsewhere.
Design/Ease of Use
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