I have used the Olympus housing for the 5060 and the previous models as well. It is an inexpensive polycarbonate housing. As far as the Olympus strobe, I have not and I do not know of anyone who has. My guess is the light output is nowhere near that of the Sea & sea or Inon strobes.
The Olympus housing lacks a direct connection between the strobe and the camera. Rather, you would be using a fiber optic sync cord. When the internal flash on the camera fires, it sends the signal to the strobe to fire (slave mode). One problem with this method is it is not always reliable, hence it is the most inexpensive way to go. Having a direct connection via a 5 pin Nikonos style sync cord will be more reliable. Also, if you do any diving beyond 100fsw, you began to push the limits of the housing. It is rated to 130...but that is the max and I have known of a few people who have had instances where the housing was either inoperable, or began to show hairline cracks at depths beyond 100', and definitely close to the 130 mark. So, depending on the diving you do, you should be wary.
With the Tetra housing, in addition to an aluminum housing rated to 250feet, you have a double o-ring seal, a direct connection via the nikonos style bulkhead and sync cord, and even more important is the ROC control which allows you to control the output of the strobes ON CAMERA with the push of just the "+" or "-" buttons which increase or decrease the light output.
The ROC control is an indispensable feature alone which makes picture taking easier and more enjoyable.
for more information, send me a message or visit the manufacturers' websites.
Mike
www.seaandsea.com
www.uwimaging.com
www.inonamerica.com