I originally bought my TG4 for diving, it being waterproof to 50' (and below 200' with a case for $250). It turned out to be a good overall fit for me.
I trail run with it in hand, loop it to my PFD when kayaking and keep it in a jersey pocket or a feedbag on the bars when cycling. The crux is having a camera that can take good pics but also small and robust enough to carry on trips where the good shots are.
One thing I like is it does not have an expanding/retractable lens and/or cover. In the past those have fouled with sand or grit and become inoperable. The lens does have a bayonet fitting to allow for an LED light, telephoto or fisheye lens to be mounted. As I said, the one failing of the camera is a weak telephoto capability so that is a bonus. Investing in lens for a P&S is odd but as they fit future series it's not so bad.
So far I have been using the panorama function to get wide angle shots but it's a bit hit or miss and sometimes I need a couple of tries to get the images stitched together decently. I have been reading about using a fisheye for wide angle and will probably buy one ($139) to experiment with. In tutorials they line the horizon up in a way that limits distortion.