my first underwater camera was a 35 mm Ikelite. couldn't get any lower tech or
cheaper (i think i paid $120 for both camera and housing). i had A BLAST with it;
took tons of pictures, showed off my blurry pictures of current-swept mud to
all and sundry, and just loved it.
IMHO, when it comes to your first camera, you just can't go wrong. you'll be learning basic things like figuring out what makes a good picture, how close is right (it's much, much, much closer than you think) and so on. all the nifty features will be wasted
on you for a while anyway.
however, if i were to start all over again, i would start with a digital camera. you
get to take lots more pics, no costs to develop, and that means you practice, practice, practice more.