If you want to read the opinion of a professional photographer, read on...
IMPORTANT UPDATE: The TX10 is NOT Compatible with Sony Marine Pack Enclosures or any other enclosures.
Pros:
1) The TX10 shines in low-light still photography, it eliminates most of the noise even at ISO 800.
2) The small form factor means you can easily hide the camera from "predators."
3) It is water "resistant' but not truly waterproof aka. you shouldn't go scuba diving with it.
4) It's High Definition 1080p video is pretty good compared to other digital cameras in this price range.
5) Zooming while videotaping is possible. Most consumer digital cameras can't zoom while in video mode.
6) Surprisingly good wide-angle (you don't need a wide-angle adapter)
7) The panorama mode is cute and effective but not very high quality (noise is introduced due to panorama cropping).
8) Excellent flash coverage.
9) Choice of MPEG or AVCHD recording. MPEG is the best choice for compatibility and editing but it takes more space in your memory card. AVCHD is a pain to edit compared to MPEG.
Cons:
1) Compared to my old Canon HV20 the TX10 is simply unable to stabilize the image. Not a deal breaker but you may want to bring a tripod with you at all times.
2) Battery life is dismal, I cannot get more than 80 minutes of continued video shooting from a fully charged Sony battery. I understand third party batteries fair worse (if they work at all). This is a particularly poignant issue if you are near water since you cannot open the camera to change the battery then.
3) The TX10 can charge the battery "in-camera", it does not come with the standard battery charger, instead Sony has included a USB cable and a USB adapter. This is a terrible problem for travel photographers since the battery life is short but it takes several hours to recharge the a battery inside the camera, obviously, while it is charging, you are unable to take photos or videos. This also means you cannot charge your "spare battery" at the same time. In order to solve the problem, you would have to buy extra batteries and an external battery charger, so now you have to carry two chargers. This could have been easily avoided if Sony had included their regular battery charger as they do with older models.
4) All the 3D shooting modes are useless gimmicks, ignore them. They just take precious space in your memory card and you can't view 3D without special equipment.
5) A Mini HDMI to HDMI cable was not included, it could cost you up to $30 to buy a Sony cable. Just get a cheap one for a couple of bucks, don't buy the Sony one, HDMI cables are all compatible.
6) The interactive touch sensitive menu can only be described as a complex labyrinth, extremely awkward to navigate. If Sony was aiming for a friendly interface, they failed miserably.
7) The LCD touch screen is hyper-sensitive and the tiny icons are way to close to each other, the end result it that you rarely press the icon you were aiming for, by the time you solve the mess you created accidentally, your subject has fled the scene. You can help this by "hiding" the icons but then, well, that also requires extra time. Results in an above average learning curve.
8) This camera is extremely slow sometimes, mostly because the 1080p video and the larger 16.2MP pictures require more processing time. Not an ideal camera for action photos.
9) If you like manual exposure controls, forget it, this camera will make you crazy mad. It is automated, albeit it has a nice white balance mode. On the other hand, the auto presets do a better job than a human would in many cases.
10) In video mode, the color saturation is lacking and the video is overexposed 1/2 stop, this creates a somewhat washed out bluish appearance. I suspect they rushed this camera to the market and it just needs a firmware update to fix this. On the other hand, the still photo color balance and exposure is much more pleasant. Sadly the camera "forgets" your manual exposure adjustments when you turn it off.
11) The digital zoom is surprisingly the worse of its kind, quite useless, but I never use it anyway.
12) Attention Divers: The Sony "Marine Pack" enclosure is incompatible with the DSC-TX10.
13) For amateur divers: TX10 is NOT truly waterproof no matter what Sony may want you to believe. The camera is only "water-resistant" at best. It is possible to open the battery latch underwater by accident (there is no secondary locking mechanism like Panasonic's) and the seals are not strong enough anyway. Remember, all it takes is one tiny drop of water to fog your camera lens from the inside.
I have yet to see an "waterproof" consumer camera that can last more than a few hours underwater without a case. The internet is full of horror stories regarding this issue. There is no need to gamble with your investment. However, I highly recommend the TX10 for use in the rain or the snow. Maybe even kayaking.
Overall, I like this camera, it takes superb photos, not as good as a Nikon SRL but the color balance is pretty decent for the price but if you don't need a water "resistant" camera then get the recently released Sony HX7V, it takes better pictures and it is less expensive.
By the way: I returned the TX10. The issues mentioned above became too much of a nuisance. Sony Cyber-Shot DSC-TX10 16.2 MP Waterproof Digital Still Camera with Exmor R CMOS Sensor, 3D Sweep Panorama and Full HD 1080/60i Video (Black) - Digital Camera Battery - Lens Cleaner - 28mm - Cybershot'
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