I will concur that it depends on what you are after as to what you need to get. As for resolution, I have seen way too many grainy photographs to agree with your post in the real world (I am not quibbling, 'cause you DID say theoretical). 100asa on a perfect day is one thing. Available lighting with 400 or 1000asa is quite another. Now put all of this underwater with strobes and the resultant problems with contrast, color saturation (or lack thereof) and depth of fields and it is a wonder (and a tribute to all you fine photographers out there) that anything usable, much less compelling turns out. Now you don't have to bracket to try and make sure you have that "perfect" shot... you can see it right there in front of you. No wasting film or time.
Now, as I noted before, I have been a film purist for eons. I like color, but I really love B&W because of that "creative control" in my darkroom. Mind you, this goes against my chosen profession... an IT consultant. Well, a good friend of mine went digital last year. His pictures are awesome, and he blows them up HUGE. He has a 16x20 thermal wax print of one shot of the Christ of the Abyss that he has framed on his wall (he's a good Catholic). Even with my focusing loupe, I could not detect any grain. The colors are so vivid, and the depth/clarity so good that you can almost not tell it is an underwater pic; except for the fish, of course. I am sold, and since that was done with an Olympus C3040, I want the next one up... the C4040. Oh yeah... I wouldn't reccomend his "housing". It is a plastic bag he bought from Wolfe Camera that is good to 10 meters. A $700 camera in a $30 housing... geeeezzzz....
Now, as I noted before, I have been a film purist for eons. I like color, but I really love B&W because of that "creative control" in my darkroom. Mind you, this goes against my chosen profession... an IT consultant. Well, a good friend of mine went digital last year. His pictures are awesome, and he blows them up HUGE. He has a 16x20 thermal wax print of one shot of the Christ of the Abyss that he has framed on his wall (he's a good Catholic). Even with my focusing loupe, I could not detect any grain. The colors are so vivid, and the depth/clarity so good that you can almost not tell it is an underwater pic; except for the fish, of course. I am sold, and since that was done with an Olympus C3040, I want the next one up... the C4040. Oh yeah... I wouldn't reccomend his "housing". It is a plastic bag he bought from Wolfe Camera that is good to 10 meters. A $700 camera in a $30 housing... geeeezzzz....