Billy... my feeling is that the CMOS chip or the new Sony color space just don't do well underwater, at least in areas where vis/plankton/suspended sediments are an issue. Lighting has to be spot-on to get good results (unlike my mini-DV and other cameras which were much more forgiving of uneven lighting). Shadows are often cast in an ugly green color instead of dark gray or black as with all my previous Sony cameras.
I've seen great results from clearer tropical waters, and I've certainly taken a lot of pleasing HDV with the set up, but it just hasn't been as consistent as my earlier Sony camcorders that use CCD sensors. My topside video is almost always great (occasionally the camera has problems autofocusing topside even in good light).
To keep on topic, this camera also uses the CMOS sensor so I wonder what kind of results it will generate underwater.