As a somewhat sheepish owner of a mediocre quality waterproof camera, and after two years and several thousand pictures with it, many on wet trips, waterproofness no longer very high on my backpacking camera features list. There are occasions where such will allow you to snap a shot you wouldn't take otherwise, but not many. I can honestly say that my camera has never been wet beyond a few drops. More important by far is a reasonably weatherproof, and easily accessible case. This will allow you to take pics with any camera without letting it be drenched.
What a waterproof camera provides the backpacker is a little insurance for those of us who are a bit protective of our gear. I'd take a close look at where you will likely be going, and determine how many pictures you'll be wanting to take while standing in a downpour. My suspicion is not too many. As a rugged backup for the professional (like Ryan) who can't afford to lose a shot, OK. But if it's your only cam, you'll get much more performance for your money, especially in low-light, by going for a higher-end point and shoot, I think.