My HD is my favourite reader, so if the H2O is has any improvements on it then I would consider buying. But water resistance is not even on my list of "nice to have" features. Things I would be looking for:
Screen at least as good as the HD (not sure what impact a wacom capacitive screen will have, if that is true).
Faster processor - a given I would say.
More stylish "premium" case design than the HD. Please no more wacky, contoured back, or slippery plastic.
Sensible choice of colours - anything but glossy black. (Pastel) white I like.
I guess if it is waterproof, then it may be a lot more difficult to take apart and re-assemble, for those into that kind of thing.
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