TrustedReviews have looked at the Pentax Optio E40.
For a rock-bottom price the Pentax Optio E40 offers good build quality, elegant design and a surprisingly complete set of features. Performance is a bit on the slow side, but it will reliably take usable pictures in most lighting conditions. Where it falls down however is on final image quality, with noise problems at all ISO settings, and vignetting is also an issue.Pentax Optio E40 Review