3 feet or 10 feet rated camera depth?
For surfing IT DOES NOT MATTER! Even in double overhead surf. My old Pentax WPi of 4 years is only rated to 3 feet and it works fine. I lone it to my friends all the time in big surf. The depths on these cameras are rated after being that deep for 2 or more hours.
Beyond their rated depth they still don't leak, they just simply won't operate.

Shock Proof & Freeze Proof? It matters... not so much for surfing but with other action sports like dirt bike racing if your worried about wiping out or snow skiing in freezing conditions.
Using these cameras with the Surf Camera case in your action sports will greatly increase the protection!

Optical Zoom?
With Video - It matters! You should only use the optical zoom with video because you can not zoom in on your computer with video... Unless you have an expensive edit program... and lots of time.
With Still Shots- It does not matter! (Especially in the water) You will want the widest angle possible with still pictures. The more optical zoom you use the greater chances of a blurry action sports shot and the athleteout of the frame. You can always crop and zoom in on your computer later.

Mega Pixels? It matters. When you're editing your still action sports shots you'll be amazed on how much you can zoom in and crop the action sport shot on your computer.

Weight? It matters. An addtional ounce or two does make a big difference in the feel and comfort in getting a steady action sports shot.

28mm Wide Angel? It matters. It's very difficult sometimes when trying to get an instant last second action sports shot of an athlete coming fast down the line. You'll wind up having a lot of shots with the athlete halfway out the picture. The 28mm wide angle will aliminate much of that.

HD Video? It matters. Specially when your filming a surfer on a nice long wave. 640x480 will take in nice videos but when the surfer gets further away the HD will keep it clearer.