It has a strobe. It also has a underwater scene mode. Plus a 2.7" screen not too bad looking for a ultra compact.
I have 1 of the Fuji F-700 that were factory refurbs that had the sensor replaced. Once they upgraded the sensor the F series takes great pix, is fast and reliable. My cameras weak point is the 1.8" screen is a tough view underwater and limited card capacity. I looked at the F50fd and it seems that it is a good design for underwater. Larger screen, XD & SD memory with higher capacity, all the manual adjustments you'd need, high resolution and high sensitivity.
I have read mixed reviews some people don't like the feel of the controls but no serious problems and most agree the picture quality is good to excellent for a compact camera.