We've been happy with our digital reefmaster pics; it's definitely been a good camera for a beginner. (See examples by clicking on the "underwater gallery" link under my sig)
Our only gripe with it is that it doesn't retain settings when you switch batteries, and the factory default is for the "land" setting, so you have to remember to set it up properly every time you get ready to dive.
We did wind up springing for the strobe and macro lenses; but frankly, the internal flash ain't half bad - at least, it performed much better than we expected!
We'll probably go for a really nice Canon and housing next time around, but we definitely felt like the Reefmaster was a good buy for a "learner" camera!