Dove Joe's Tug last month in Key West at 65' and everything was real green. I am nearing the final editing and will have it up on google video soon, but this is will be my first color corrected video. My other videos have all been natural color and I was really torn as to leave it natural green, as that was pretty much how things were, or color correct. After going back and forth, I decided to color correct as it does bring out more hidden detail and color. I decided to gear the video more towards the audience that will most watch the video.
You divers keep in mind, if you dive Joe's Tug, the surrounding color will be green, not the clearer water that is in my video. However, I figure that that most people that will watch my video will not dive Joe's Tug, probably don't dive at all.
Just out of curiousity, I toyed around with black and white, but this made the video look too dated. It was an interesting effect, though, and if I ever want to do a Sea Hunt style video, I may use the black and white for that.
So, to sum up, my decision is based on my opinion of the main audience for the end product, like my family and friends.
My software is Pinnacle Studio Plus 9.