There are no manual controls on the Olympus unless I'm missing something?
I have had an AW1 since release (as has the GF) they are nifty pieces of kit and give good IQ - but they aren't a replacement for a proper DSLR.
The manual controlling is a bit of a pain as its almost exclusively in menus, not buttons and because of the speed of the lens and the size of the sensor aperture control is basically pointless. You'll be shooting wide open for light reasons, but it doesn't matter because unless you're extremely close to an object your dof is basically everything anyway. It's also getting on a bit now (coming up to 3 years?) and there is no sign of a replacement or new lenses - which was touted at the time of release.
If you want something with good IQ and decent ability to control your settings to use in/on water then it's basically peerless however. One thing to note, you do need to look after it - specifically the waterproof seals on the compartments and the lens, a lot of people have issues with leaks. As for ours my aperture broke on the lens (and I can't find anywhere to buy just the lens) and the GF has condensation issues with hers, although it still works (and I'm pretty fastidious about making sure the seals are on properly and the seals round the lens is properly greased). We have used them a fair amount though, including a weeks kayaking expedition (where they were basically emerged in salt water for a week) and various other kayak, snorkelling and swimming events.