And no, "raw" is no substitute for a flash… your flash will greatly enhance your mid-range tones and that's what you ultimately want to take great pictures.
But if your subject is 10' or more away from the flash/strobe, wouldn't you still want to take great pictures? And wouldn't the flash/strobe in that situation "only" be able to negatively affect the image?
Shooting in raw is time consuming.
Most cameras take significantly longer to record a raw image than to record a jpg, so it consumes time during the dive.
Then when processing the image files there are extra steps necessary to produce a final product, so it consumes time on the computer.
Some divers might very well be happy with a non strobe camera that shoots raw, but most of those divers would not be happy unless the camera also has great glass and a relatively large sensor.
In the digital p&s underwater photography world, the last decade's benchmark for glass is the Olympus
super bright f1.8 multi-element aspherical glass 3x zoom lens, first announced in late 2000 /early 2001 with the releases of the C-2040Z & C-3040Z (not exactly sure which came first). These were 2.1 and 3.34 megapixel cameras, with different image sensors. In July of 2001, the C-4040Z was released, finding 4.1 megapixels in the same 1/1.8 inch CCD solid-state image sensor as the C-3040Z. The C-4040Z was perhaps the first p&s to allow one touch White Balance.
August of 2002 brought us the first raw file option in this Oly line, the C-5050Z, crowding 5 megapixels on that same 1/1.8 inch CCD. Adding CF & xD memory cards, 7 customized MyModes, ISO 64, Super Macro and there's an AF-assist lamp, located just to the right of the flash. In low light, it fires an orange light on your subject, helping the camera focus. But wait, there's more. Below the assist lamp is a passive AF sensor, which not only aids in low light focusing, but it speeds up focusing in good lighting too. Way to go, Olympus! These features (and more) led to the C-5050Z becoming the cult camera of underwater p&s photography.
Take a look at these two photo galleries, taken with the C-5050Z in the Olympus PT-015 housing; no strobe, no wide angle lens, all images shot in raw and in full Auto.
GreaterUluaFlash - halemano's Photos | SmugMug
Carthaginian 007 - halemano's Photos | SmugMug
Here are a couple teaser ambient images from the Carthaginian gallery;
This is ~110 fsw
This is ~80 fsw
If the desire is to show what it looked like to my
naked eye, I believe shooting in raw with Auto WB and then adjusting WB/color on the computer at home gives the closest to true results.