I personally own a Sealife Reefmaster 3.3mp. I can't remember the model right now (brain malfunction ;o) I think it's a DC-300. That sounds right. Anyways, it is an excellent beginner camera as it is inexpensive (I got it for around $200) and still takes decent pictures. Once you decide if you want to stick with uw photo, you can then upgrade to another camera or stick with this one and add strobes, extra lenses, ect. You can't really compare this to an Olympus, Ike, Canon, etc as it is a low end camera and only 3.3 mp. However, for a beginner, it is an excellent way to learn and if you do flood, at least you're only out the cost of a cheaper digital camera rather than a very expensive one. For me (a poor college grad), it was the only way to go.
Good luck!