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Question: What about water proof cases with regular cameras?

What other options are there if you don't want the limitations of a water proof camera? I mean, what about using a regular camera with a waterproof case? That would seem very bulky and I don't see how you would use the various controls. But they sell them, so someone must be buying them.

I think the main feature I miss in the water proof cameras is an optical image stabilizer. I guess that just hasn't happened yet.