Andy84,
I've been where you are, so I'll add a few rambling thoughts for your consideration.
My wife and I have averaged close to 50 dives/year for the last 7 years, all warm(ish) water vacation diving. I started UW photography right at 7 years ago with a S&S 3000DX + S&S YS-25DX strobe. My wife was getting bored when I'd stop to shoot pics of little stuff, so she started UW photography as well. At this point she has a Canon G11 + Inon Z240 and I'm shooting a Canon G9 + S&S YS-110a... and we're both hooked on UW photography.
Depending on how you buy, you can get P&S cameras for WAY less than DSLRs. The G9 was about $500 including an extra battery, and the G11 was about the same. Canon housings are cheap, generally about $175. You can either build your own or buy attachments for wet mount lenses, fairly inexpensively.
Good strobes are going to run you the same cost whether you go P&S or DSLR. I share the opinion you can find posted all over ScubaBoard; don't skimp on the strobes. Having both the S&S YS-110a and Inon Z240, I can tell you that I like them both. If cost was no object I'd probably stick with the Z240. It has slightly more power and a tad bit more control. The YS-110a weighs a little more above water, but it is slightly positive below. We added a bouyancy arm for my wife to avoid arm fatigue with the Z240.
I bought the YS-110a offshore and saved $200 under the cost of the Z240. The slightly less power and control is so minor for me that I'd probably make that choice again... except... I generally end up cleaning o-rings for all the gear so I'd prefer to be able to use the same o-ring grease for all. S&S uses blue o-rings; Inon uses yellow; my understanding is that you don't want to mix grease on the two or you mess up the o-rings.
While I'm already horribly off topic, I'll mention that I'm also the "offical camera carrier" while we travel... which means I get to carry 2 x P&S setups plus a laptop. After going through the hard Pelican case phase (which is a pain to carry through airports) I got a Tamarac Cyberpack 8 which holds all the camera/strobe/housing gear for both of our setups plus a laptop. It's a nice little carry-on bundle but it still weighs 35 pounds.
So back on topic. I've looked over the photographs my wife and I have taken over the years and I've noticed both improvement and deterioration of our shot quality, depending on how long it had been since our last trip, whether we had new gear, whether we were trying new techniques, etc. Doing only 50 dives/year, it's not like we'll ever be professionals. That said, I've compared our pics to pics taken by other folks on our trips using DSLRs, and our good pics compete pretty darn well.
If I'm honest, the little Canons (G9 and G11 for us) are better cameras than we are photographers. We're still learning different techniques, but if we do them right the camera will capture the shot. It's also nice to be able to shoot macro and wide angle during the same dive with wet mount lenses, which is not something you can easily do with DSLRs (although I've seen some folks with wet mount lenses on DSLR rigs).
Where I'm going with all this is that I've lusted after DSLR setups, compared them, priced them out, etc. etc... but I've finally come to the realization that it just doesn't make sense for me for the following reasons:
- P&S cameras are continually closing the gap with DSLRs on quality. No, I dont' think they will ever close it entirely, but they get close enough that my skill is really the limiting factor, not the camera.
- I don't want to carry more weight. Those DSLR rigs are HEAVY!
- I like the ability to insert my camera into small spots to get a shot without damaging the environment. I've watched several guys with DSLRs "settle in", often breaking coral to get the shot. That ticks me off and I don't want any part of it.
- Price. Camera gear is continually improving. Strobes last a long time, but camera gear is dated within a couple of years. (If Canon/Nikon/whoever would standardize the DSLR body so that upgrades didn't require a new UW housing, this would a MUCH lesser issue... but until then it remains a significant factor. $2500+ for a new UW housing when you want to upgrade the camera body is a big deal.)
Here are a few links to pics with thoughts/techniques we've been practicing. You may already know and practice this stuff, but it's fun for us.
A fairy basslet. These things are HARD to shoot. My wife nailed this one. The tricky part is getting the camera to focus on the small mobile fish rather than the background. I think the G11 is a little better than the G9 for fast focus.
http://bktravel.shutterfly.com/594
Here's a fireworm, using the technique of small aperature and very fast shutter to blacken the background.
http://bktravel.shutterfly.com/583
Here's a conch eye, using a wet mount macro lens.
http://bktravel.shutterfly.com/591
Balloonfish face because, well, who doesn't think balloonfish are cute?
http://bktravel.shutterfly.com/571
Yellow jawfish. This isn't a good shot, but I wanted to talk about the lighting technique. I always washed these out, but a kind fellow photographer on a recent trip told me that the "trick" for these is to move the strobe to sand level and light horizonatally/up. It works MUCH better!
http://bktravel.shutterfly.com/651
And here's a link to a post I made a while back on G9 first impressions. I still like the camera, but I'm getting the gear lust bug again... I'm watching for the Canon G11 and S90 successors...
http://www.scubaboard.com/forums/canon-corner/235416-canon-g9-lembeh.html