I second vkalia's remarks. I'm an amateur who uses a Canon S70 for land and UW photography, with a 1 gig memory card. I rely on RAW. It's captures exactly what each of the camera's pixel sensor saw, with no in-camera post-processing for producing JPEG picture files.
I do my own post-processing on all my pics, using Photoshop Elements on a Macintosh. RAW makes it easy to correct colors, which is often necessary (especially using flash indoors, where the S70 seems to produce a yellowish cast). My standard post-processing steps include orienting for accurate horizontal and vertical, cropping, contrast and exposure, and sharpening. For those once-only special pics where something's too dark or light, I use PSE's layer tools to improve them. The final step is to output hi-res JPEG files for professional printing.
The link is to a photo I took recently that illustrates the power of RAW. The subject is "Bob the Grouper." It's the result of some rather extreme post-processing. It would have been a total loss without RAW, and I couldn't "try again later."
[Incidentally, you might have heard about Apple's new (and expensive) "Aperture" program, which handles RAW as a standard file type, analogous to the way other software handles JPEG and other formats.]
For UW pix, I ususally use the S70's auto setting, ISO 100, and UW white balance (and RAW).
I do wish the camera would focus and shoot faster, alto that's not a real problem UW. Many subjects are relatively static, so I can point, press, and shoot. For moving subjects, I can usually prime the camera with a half push on the shutter, then take a quick snap. The most difficult subjects are other divers, because they and I always seem to be in relative motion. I cover that by taking 3 or 4 photos each time.