Thanks folks!
Bruce, I mainly use SP-320 but have also u720SW and C-770UZ in my pocket/knapsack. Both cameras (SP-320 and u720SW) are 7MP. My subjective feeling is that u720SW gives a little more DOF.
u720SW lens has 6.7 – 20.1mm (38 – 114mm equivalent in 35mm photography), focus range Normal mode: 19.7” – infinity (0.5m – infinity); Macro mode: Wide: 7.9” – infinity (0.2m – infinity) and Super Macro Mode: 2.8” – 19.7” (7cm – 50cm).
SP-320 lens has 8.0 – 24.0mm (38 – 114mm equivalent in 35mm photography), focus range Normal mode: (wide) 7.9” – infinity (0.2m – infinity); (tele) 11.8” – infinity (0.3m – infinity); Macro mode: (wide) 7.9” – infinity (0.2m – infinity); (tele) 11.8” – infinity (0.3m – infinity); Super Macro Mode: 0.8” – infinity (2cm – infinity).
Although there is a difference in minimum macro distance (2cm SP-320 and 7cm u720SW) I did not see so big difference in macro capabilities, possibly because u720SW objective is all inside thin body in contrary of SP-320 which extends significantly out.
I also found one difference by chance. I usually attach my copyright notice to 800×600 photo with font size "24" but in case of JPEG from u720SW this size is too big and I must reduce it to size "6". A cause for that I found in EXIF properties. Resolution of SP-320 JPEG is 72 per inch and of u720SW is 314 per inch.
Model u720SW is water resistant without housing down to 3 m deep but I didn't try it yet, shame on me.
Super macro mode for your camera model SP-350 is also 0.8" - infinity (2cm - infinity). On eBay you can even find filter adapter and HD close up macro lens +1, +2, +4 and +10 diopter for it.