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A couple of points:

I've tried a few very high speed memory cards - none of them make any improvement on the DC2000's raw speed.

The DC 2000 has a much larger sensor than the TG5 - which should in theory translate to lower noise - and in fact the DC2000 is very good in this area.

The TG5 is also waterproof to 50 feet without its case - so both have the advantage of maybe not flooding if the outer housing leaks.
 
The DC 2000 has a much larger sensor than the TG5 - which should in theory translate to lower noise - and in fact the DC2000 is very good in this area.

The TG5 is also waterproof to 50 feet without its case - so both have the advantage of maybe not flooding if the outer housing leaks.

Now you made me read the fine manuals: you're right, of course. 1" sensor @20MP should have more than double the area per megapixel, if both are the same type.
 
It's a tough choice, TG5 is kind of old - I wonder if Olympus has a TG6 in the works with a better sensor to compete better with the newer DC2000.

This is not correct, as the DC2000 was announced in November 2016, and the TG5 was announced in May of 2017.
 
I’m not familiar with the Olympus.

If it was my decision to select one camera over another, I would have asked just like the OP did here. In addition, I would consider input from people like us here on ScubaBoard, which likely have hands on experience with products like these.

While I think the megapixel and raw recording capabilities do help identify which camera has more potential over another, other very important and relevant aspects to consider are:
1. How does the camera really perform when it comes to getting the shot?
2. Will the camera focus in low light or does it hunt till the cows come home?
3. Will adjusting focus mode and simple settings help users tell the camera which subject to focus on or which one you want the camera to select or is it a gamble?
4. How easy is it to check results on the spot?
5. How easy is the camera to control?
6. Does it roll video? Macro? Wide angle?
7. How are the menus? Intuitive or do they require intense training to understand?
8. Can resolution,WBalance, aperture, shutter speed, aspect ratios be easily adjusted while diving?
9. How’s the battery life?
10. How challenging could it be to service while traveling in the event something happens?
11. What are the pros suggesting, commenting or reviewing?
12. Are memory cards standard or are they special?
13. Will this require traveling with a computer, hard drives, and IT support group or just memory cards?
14. Does it have WiFi features.
15 What are consumers saying about manufacturers honoring their products?

Not saying that megapixels and raw capabilities are not important... We know they are. But if a large sensor high megapixel camera is impractical, difficult to control, impossible to acquire focus and unreliable, I’ll take a low megapixel, small sensor, slow recording speed camera that I can control, that I can tell what I expect it to focus on and will be likely very happy with a low resolution properly framed and focused image, over a higher +megapixel image that is blurry, out of focus and that required conversion from raw to jpeg.

Ricardo
 
Backscatter’s vídeo review of the TG5: You can find additional info on Backscatters website.

Inner space explorers review of the DC2000:
 
This is not correct, as the DC2000 was announced in November 2016, and the TG5 was announced in May of 2017.
I assumed because of the outdated sensor that it was older. I guess Olympus just blew it. Other than the sensor, the camera really does have nice specs for a non-slr.
 
Define "better": 12 vs 20MP at the same physical size means physically larger cells that capture more light just because more photons land on that larger area. So you get better ISO just because of that -- FVO "better" = shorter exposure times in low-light conditions.

12MP is usually 4290 x 2800, @100 ppi of a computer screen you're looking at 429x280" screen, or ~500" diagonal. A super-hugh quality printer @1200 dpi will print this as a 3.5x2.5" card, which doesn't sound great but you really don't want to print at that resolution. Maybe 600 dpi if you're trying for NatGeo cover. At 300 dpi the difference between 12 and 20MP is somewhat academic if you print to A4/letter.

I'd say if you want to primarily shoot in in RAW and not turn your shots into wallpaper, TG5 wins. What DC2000 has is the waterproof camera that maybe won't flood when (not if) the housing leaks.
The 12mp olympus sensor is 1/2.33" or 6.16mmx4.6mm (25 square millimeters)
The 20mp sealife sensor is 1" or 13.2mmx8.8mm (116 square millimeters)

The sealife has a better sensor in almost every way as far as I can tell. The exception is ISO sensitivity. Sealife has a better lens (f/1.8 vs f/2.0). Personally, I'd prefer the faster f-stop over the iso improvement.

Both cameras will shoot raw+jpg or Raw or Jpg. I don't see any reason there to prefer one over the other. The Olympus is faster for sure.. which could be the difference in getting the shot or not getting it. If you can get the shot right the first time, the sea-life should produce a significantly better image.

At 12megapixels, the gopro's 4k (8megapixel) video is nipping at the heels of regular photos taken by the olympus. However, instead of a burst of 20fps you get hours of 60fps. 8 Megapixel screen grabs aren't that bad...
 
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I assumed because of the outdated sensor that it was older. I guess Olympus just blew it.

Considering their E-PL series... I also assumed wrong.
 
https://www.shearwater.com/products/peregrine/

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