I have the Sanyo Xacti from a few years back which is similar to the WA2 (Panasonic bought Sanyo). These are about function (the form factor/the water-proof), not the video quality.
From the YouTube videos, the quality doesn't look too much different from the older Sanyos. The image quality is very mediocre compared to some point and shoot cameras with HD video in the same price range.
The FT4 might have a little better video quality, but is missing the swivel screen.
It may depend whether you want the swivel screen on the WA2 or not. It's useful for filming yourself and/or balancing the shot.
If you don't need the ruggedness and waterproofing, consider a Panasonic, Canon Powershot or Sony Cybershot in the same price range.