Elena Fisher uses the camera to film her show throughout the events of Uncharted: Drake's Fortune. She frequently uses it to film on location and manages to keep hold of it even after a parachute jump and Jet ski trip. In Chapter 11 - Trapped, Elena falls through a plank on a wooden bridge, she is forced to let go of the camera so Nathan Drake can pull her up, and it is not seen again.
It appears to be very tough, surviving a parachute drop among other things. It is water-proof having survived the water when the boat exploded at the start of Drake's Fortune, and it has a standard battery system. This can be seen to be steadily depleting as the game goes on.