I have a Reefmaster that I used for about a year. Started out with the camera and one strobe, added the macro kit and a second strobe. I was very happy with it. In fact, I got to like UW photography so much, that I decided to go digital. I, too, looked first at the Reefmaster, since I could use all my add-ons. Just didn't like the camera.
I went with the Oly (4040) and PT set up. I only used it a couple of times before I left Okinawa, and haven't gotten settled enough in Hawaii yet, but liked the little I did with it. I did get a strobe with my initial set up, but the good news is, you can get started with out the strobe and get some good pics. In fact, I would recommend that. I took the strobe in first time I used it, and I need to just get used to the camera first.