Every model had/has it's own pro's and cons but the C-4040 suited me better. It only has 1 custom setting whereas the newer ones have 4 (4000) and 8 (5050). It was probably the most popular of the C-series models and at the time the only 4MP camera available. Unfortunately it has been discontinued. Why, no one can say. The C-4000 took it's place. It has a super macro setting but when you use it, it disables the internal flash. That's the biggest thing I didn't like about it.
When the C-5050 came out, it was amazing. 8 custom My Mode settings, super and regular macro, ability to use 4 different types of media...SM, CF, DX and microdrive. The answer to our storage problems. You can save in RAW. But as more reviews came in, it became obvious how much more involved this model was. To change some settings is a two handed operation, hold a jog dial down and turn another to change settings. Underwater that can be tricky. There's also ways around it by using some of those custom modes to set up different settings. Leave it to a bunch of underwater photographers to find a shortcut! Ikelite's housing has a know that helps with that jog dial. It takes amazing pictures and is a real deal price wise. It just has a steeper learning curve than the previous models. But as I said earlier, just because some of those things are there, doesn't mean you have to use them.
When you get ready to start your research, check out...
Steve's Digi Cam Reviews to get you started.
My basic rig is C-4040, PT-10 housing, S&S YS90DX strobe, S&S WAL L lens, Digital Lens Dock looks like this without the camera...
BTW, the housing isn't connected tightly to the tray, it was for photo purposes only. I've changed a few things, such as an extended strobe arm, focusing light mount under the tray, and a small aiming light on the strobe for night dives.
I like the small size of the whole thing. When I switched to digital I was using a dual strobe MMIIexPro system that was a monster in the water. More like a mad spider. The size alone was causing me to leave it on the boat alot. So when I started putting the digital system together, I decided to go with only 1 strobe and a small tray so I could get into those small places for macro shots. But that's a decision I made, knowing that 2 strobes with produce even better results. I like it so I'll use it!