Phil, I think Doubler has an interesting question and, in my opinion, deserved a more contemplative answer than you gave.
I am going to start by assuming the Oly housing is roughly equivalent to any of the "basic" housings for the Rebel -- thus one wouldn't choose the Rebel because the housing permits much more control.
So, the real issue, again, as far as I can tell, relates to the differences in the cameras themselves.
From the reviews I've read, the biggest differences between the two cameras is the auto-focus speed and the availability of lenses. The resolution, sharpness, etc. are roughly the same and, for all intents and purposes, are no different. (Note, I don't know if the Rebel is 1080p or 1080i which would be a difference if the former.)
It is unlikely the availability of lenses is significant for UW purposes for the vast majority of people since both systems have the general lenses that people want for UW.
Thus, the only significant difference, as far as I know, is in auto-focus speed. What I don't know is if that is at all signifcant? How much faster IS a Rebel's focusing than the Oly? Are those milliseconds really significant?
Comments anyone?