Whilst I would agree about the housing, I would personally recommend going for as high a megapixel resolution as you can afford. Camera's are getting better and better, almost daily, much like the rest of the technology we all now rely on. If I were advising you on buying a computer, my advice would be the same, buy the fastest computer you can, without paying the excessive premium for very latest/best (unless you had a particular need).
My current camera is 4MP, and this is funnily enough my 4th digital camera. I still have the 3MP camera, but don't dive with it, and my parents have another 3MP camera I passed on to them. If you can afford a 3MP camera or better, with housing, then I could go for that. It is not just about how good it is now, but also how good it will seem in a year or 2 or 3's time.
All of that said, the art of photography has much more to do with your ability to compose and take great photographs, than it does with the camera you are using. The best pictures and photographers on this board (and I would never ever consider myself one) will take great pictures no matter what they are using.
Whatever you decide, we look forward to you sharing the results on here. Enjoy