SHQ=2.5 sec.
RAW=10 sec
RAW w/SHQ back-up = 14 sec
Since I can't use the shutterbutton to trigger the clock, nor do I have a frame by frame video timer, these are hand timed on the conservative side. Generally, my watch click is a little ahead and my watch shut-off a little behind the camera.
These were timed with the older style m memory cards. I don't have the supposedly faster h model yet. You can also program the camera for a double frame. Hold the button down, it shoots two and records them both. If you're using the built in flash, it won't recycle fast enough for the second frame, but if you have a strobe on the hotshoe, you'll get flash on both shots.
Yes, I know this is slow. Nonetheless, I have had little problem with action shots underwater except switching from macro to wide fast enough to take them. What I normally do is keep the camera in macro while I'm rock crawling and switch it to wide when I get off the rocks and try to catch my impatient dive buddy.(wife with no camera)
Regardless of the extra time, I have chosen to shoot RAW with a SHQ back-up and I don't think I've missed any truly memorable shots as a result. I think if you carefully frame your first shot, you can usually wait on the second. Otherwise, I could just switch it to video and I've got a 15 second high quality 30 fps capture with almost instant repeat capability.
I guess it's all in your priorities. On many of my pictures, the camera has processed the jpeg better than I could do on the RAW. On many others, where I was off on the lighting, etc. I've had an unusable jpeg and processed the RAW into a great picture. Worth it for me, since the main competition from brand "C" doesn't shoot RAW at all.
Focus time is almost entirely dependent on what mode you're in. You can get very quick shots if you set the camera for a fixed focus, e.g. 8 feet for wide shots because thats the best your lighting will do anyway, or 12 inches for macros because that's your comfortable set up distance. I haven't had any issues with the macros, but I tend to do fixed focus wides in SHQ simply because I can get them before they run away.
I'm happy with the Oly housing, it is small, light and all the buttons are easily accessible, but I haven't used the Ikelite.