It will certainly be a good introductory model. It lacks two things to make it a truly effective underwater camera. One is manual operation. From Oly's specs, it appears that you can only shoot in auto or program auto modes. This makes your best underwater setting the scene presets for UW macro, UW wide and UW wide 2. It limits your control over how the camera reacts to changes in the UW environment. The other thing it lacks is a manual white balance. You will have to either depend on the UW scene mode to set your WB or use the overcast WB and hope it looks OK or adjust it in photoshop. Otherwise, the Oly Stylus series takes very acceptable UW photos for the casual photographer. If you are serious about shooting underwater and want more control, you might consider using your Stylus topside and getting yourself an SP-350 or a Canon A-640. The SP will give you full manual control and can be had for about $450 right now, including an Oly housing. If you choose the Ike, it would be $199 for the camera and about $400 for the housing.