I normally obsess about image clarity and I try to mention those limitations with regard to the GoPro cameras. I've come to learn there is more to a pleasing image than just excellent clarity however.
I do agree with everything you said above. Still, after seeing footage from the HD Hero, I'd have to agree with Matt S. that there should be SOME kind of disclaimer about the sharpness issue if marketed for underwater use, as I feel the focus issue is quite material to the performance of the camera.
A couple of random observations:
1. The HD Hero resolves a lot more than the lower-resolution Hero Wide. GoPro has said that due to this, you don't really notice the OOF as much with the non-HD version, and when compared to the HD Hero and other 720/1080-capable cameras, this is true. OOF video from the HD Hero is much more noticeable and distracting than with the SD version. In the same vein, the footage posted from the Oly 1030 is only 640x480, and almost looks like it could be shot at 15fps. What I'd like to see is a side-by-side comparison with a modern wide-angle pocket digicam (perhaps the Canon Powershot 980IS) that shoots at least 720p.
2. Most of the HD Hero videos I've seen are not uploaded in HD. Perhaps it has to do with getting the widest aspect ratio possible with the 4:3 mode, but sadly, Erik's videos and many others I've seen tend to be Vimeo uploads in SD. This makes it harder to compare with other HD cams, and small video dimension also does a tremendous amount to mask focus.
3. Fast-moving "action" shots and montages with lots of cuts makes it easier to hide in full impact of OOF issues since your eyes don't have time to fully process a scene before it cuts to another. I can completely understand why GoPro would like to use your shark footage, it's wonderfully shot and edited and appeals to their "extreme action" demographic but I would have to stop short of saying it's representative of how the camera handles video underwater.
I'm hoping that a corrective diopter can be fashioned for the HD Hero, even if it means sacrificing a bit at the wide end. It's simply too good of a product not to get full attention to its underwater capabilities, and I was really disheartened to see such a major flaw. Otherwise, its size, ease of use, depth rating, WB and color appear to be quite good, especially considering the price.