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RockyHeap:Yup, the newer Fantasea housings only have the more basic functions for the newer 2200, 3200, 4200 Nikon Coolpix series.....
I have the 2 year old nikon 4300 with a Fantasea CP4 pro housing (actually I've had 2 of these set-ups.) The CP4 pro gets you full manual exposure control plus other additional features over the basic models.
You can still get the Nikon 4300 off of ebay factory refurbished for $225, and another $150 for the Fantasea pro housing from Leisure pro gets you into an awesome surface camera, plus housing, for right around $400.........and you CAN use an externally fired opto-sensed strobe with these too.
That said, yes I did just have a brand new fantasea housing flood on me, but they do offer a 1 year flood warrenty with their product, so I'm now waiting to see how that pans out.