There a bunch of cameras that now compete with the Pentax Optio S5Z. See “PC Magazine”:http://www.pcmag.com/article2/0,1759,1777160,00.asp
These include the Sony T-7. but this one doesn’t have a viewfinder and uses Memory Stick, so I wouldn’t consider this one.
Nikon S1 review. This got a good review in Pocket Lint, but PC Magazine thought it had too much pincushion distortion.