Hi sarahly,
I don't know if this is the same model but the Panasonic also exists in Black and at $175.60 and the Olympus can be found at $199.94 :
Panasonic Lumix DMC-LZ7K 7.2MP Digital Camera with 6x Image Stabilized Zoom (Black)
- 7.2-megapixel CCD captures enough detail for photo-quality 15 x 20-inch prints
- 6x image-stabilized optical zoom; 2.5-inch LCD display
- Intelligent ISO Control (I.I.C.) reduces image blur from subject movement and low light
- Records full-size movies in wide-aspect VGA (848 x 480) at 30 frames per second
- Stores images on SD/SDHC/MMC memory cards; 27MB internal memory
Olympus Stylus FE-240 7.1MP Digital Camera with Dual Image Stabilized 5x Optical Zoom (Black)
- Includes - FE-240 Digital Camera, Wrist Strap, Quick Start Guide, Lithium-Ion Battery (LI-42B) & Charger (LI-40C), USB Cable, Audio/Video Cable, Olympus Master Software CD-ROM, Basic Manual and Advanced Manual CD-ROM
- 7.1 Megapixel, up to 3072 x 2304 640x480 at 30fps - J&R recommends purchasing an optional 1GB xD Picture card for practical usage
- 5x Optical, 4x Digital Zoom 6.4 - 32mm Lens, 6 lenses in 8 groups
- Aperture Range - f3.3 - f5.0
- 2.5-inch Color 115K LCD
I don't know about Panasonic optics quality. Both cameras seam very good, but what I dislike in the Olympus models is the use of xD Picture card. I find more convenient to use SD card, but this is only my point of view.