Hey Malcolm,
I'm always keeping my eye out for a better waterproof camera.
The difference between 12 and 14 megapixels is no difference at all.
In a kayak, and in other shooting situations, most small cameras aren't nearly wide angle enough, nor are they telephoto enough. It's always a compromise.
Personally, wider is better and more versatile. Galen Rowell said if he could take only one lens it would be 20mm.

I'm currently carrying a Nikon CoolPix and a FlipMinoHD, neither of which are waterproof. I carry them in a water tight case and take them out to shoot. Not a complete
solution at all.
The Flip is great, I've been surrounded by dolphins on a couple of occasions, and pulled it out, but it wasn't nearly wide enough. It's also difficult to keep steady. (I've got a clip on my Facebook page.)
The HD resolution is terrific. The Nikon Coolpix is like so many small cameras, it outputs processed jpegs. As a semi-retired professional photog I prefer shooting RAW, these
small cameras (with the exception of the Canon G10) as far as I know do not have a RAW option. The coolpix is handy, but I don't like the quality of the images. I had thought I could
shoot multiple images of the Santa Monica Venice beach front and stitch them together. The quality is not anywhere near to the rated megapixels. (Size of the sensor is actually more important to resolution than megapixel count). All small lenses are going to be about the same quality, Leica label or not.

I've had two "waterproof' cameras, both stopped working within a year. "Waterproof" doesn't seem include being regularly and repeatedly splashed with salt water on the deck of a kayak.
This is a critical requirement. What's the price/waterproofness tradeoff you're willing to accept? For me good photos for a year $200, Great photos for five years $500 or more.
There's a version of the FlipMinoHD that's $230, with an inexpensive waterproof housing available. Had I not already purchased the 1 hour model I'd have bought that combo.
Another issue is that using the view screens on all these cameras outdoors in the sun is impossible.

Happy shooting,
Will
One last bit. I spotted a sea lion on a buoy with a thick loop of red fish netting stretched around his neck. With one of the now dead waterproofs I shot 3-5 photos of it from about 15 feet away. One of them, just one barely showed the netting. Lag, low resolution were the problems. Not acceptable.