Well, the good thing about the Oly 7070 over the Fuji is the ability to grow with the skill level. I was using CP4300 before and did not realize that having substantial manual control over the camera was important till I switched over to the 7070. As Uncle Pug says, if you just want a picture-taker, a Fuji will probably work well. But if you want a camera that allows you to play more with aperture and shutter speed as well as exposure, then an Oly (or even the higher end Canons) might be a better choice. Also, the modes menu in the Oly does significantly reduce task loading underwater.
Now all I need is another strobe......
Now all I need is another strobe......