Blazinator
Contributor
With all due respect to what Blazinator said above, IMHO the Olympus 720 or any newer model of the waterproof line (SW) by Olympus is a bad choice. Fist off, they don't offer full manual control. Also, it doesn't offer custom white balance. Although the latest models are water proof to 33 feet, that is not a dept practical for diving so you're going to have to buy a housing anyway. You are paying a premium for it being waterproof in addition to also buying a housing, it can get costly.
I have definitely wanted the full manual control and white balance. Very big issues. But for the price, and getting practice, it has been a good introduction to UW Photography.
Thanks also for the tips on some full systems under 500 bucks - didn't know that. Do they include strobes? External, adjustable strobes seem to be the biggest price add-on when you want to get more serious into it. Right now I'm using my 24 watt HID as my strobe, video light, and white balancer.