If you want the best quality, got to go with a three chip..
I would go against getting an XL-1, I've owned one for four years, In my opinion, for wakeboarding or any other action sports, you are much better off getting a camera like the GL-2. The frame mode gives a great film-like quality.
But if you really want to throw down, you've got to get the new Panansonic 24P.
Anything you buy, you should buy from b&h in new york, they have best service, and best prices, just make sure you get the USA versions, not the grey market ones.
any when you are ready to get a housing... http://www.chacconne.com/DM_Info.html