I purchased the Canon G12 and housing for a trip to Maui in August. Overall I was satisfied (shot mostly stills), and the compactness of the overall unit for traveling was a big plus over a full SLR setup. As can be expected, without external lights, colors weren't great past 20 feet down, and the onboard flash unit is very limited. Still got some decent shots though, and was satisfied with the camera.
As mentioned above, white balancing and getting some external lighting will really help.
As mentioned above, white balancing and getting some external lighting will really help.