cmneus: You'll get a bunch of opinions on this but right now I really don't think you can do better than the Oly E-PM1 and housing. A STEAL at $500 includes housing, zoom ring, ket lens and body. You can shoot RAW or jpg, auto to full manual. It's a great "starter" kit that you can easily add to as your experience and skill mature. Zen makes a dome port for the housing so when it's time to add other lenses (Oly 60mm macro, 9-18 Wide Angle or Panny 7-14mm Wide Angle) you can fit them all behind the dome port (at least you can on the E-PL2 that I've got). Add a strobe or two and you've gone from $500 point and shoot kit to a setup, that while more expensive than $500, will still be "reasonable" compared to a DSLR AND you can still fit it all in a backpack for travel purposes. Oh, and you won't need an above and under separate camera - it'll do great for either!
Here's the link to Oly's site: http://www.getolympus.com/us/en/e-pm1.html
PM me if you have any more questions!
Here's the link to Oly's site: http://www.getolympus.com/us/en/e-pm1.html
PM me if you have any more questions!