Interesting, Gar - you post your question on Monday. Everyone ignores you until Wednesday, when I make the (apparent) mistake of offering you what limited experience I have had so far. Immediately, two people respond not to your question but to my response. The first says that the Sunpak is a piece of junk, and suggests you buy an $800 Ikelite unit. The next guy rags on my buying from an Internet retailer. This was my first post. Looks like this is going to be a fun group.
I'm assuming you are like me - someone who is new to underwater photography. Buying this setup was a tough choice - I own a $1400 DSLR, and I was tempted to buy a bunch of Ikelite gear for it. But as new UW photographer, I'm not ready to dump $2000 on a setup to make my Canon waterproof. It makes more sense to try something less expensive. If I get to a point where I want to start making money with my underwater photos, maybe then I'll worry about dropping two grand on a housing and a strobe... but only if the gear I have isn't meeting my needs.
Now, I am new to UW photography, but I have been shooting for a long time. I worked as a newspaper photographer for a year, as a portrait photgrapher for two, and as a digital artist for four. One thing I can tell you as a fact - most often, it's not how expensive your camera and gear is, but it's whether you know how to use them. I can take a better picture with a point and shoot, a sunny day, and a piece of white cardboard than a lot of people can take with a top of the line digital camera. As they say, it's not the size of the pen, it's how you sign your name.
Sunpak has been making strobes for a _long_ time. I've used their non-UW gear several times in the past, and in fact still have a 1600A I use as a rimlight when I do portrait work. The Sunpak-G seems to be a decent stobe, from what I can tell.
I'll agree, comapred to the 1-second recycle time of the Ikelite, 9 seconds is a million years. But like all flashes I've ever seen, if you fire it at less than 100%, it takes less time to recycle. You probably don't want to shoot it at 100% anyway, you want to shoot it where it can meet your creative goals for f-stop and shutter speed.
The Sunpak has a guide number of around 70, so at full output, it puts out a decent amount of light (I think the GN for the S70 is around 10 or so). The GN of the Ikelite is 32 underwater - I'm guessing that translates to around 100 or so above water (guys, a little help here?). So while the Ikelite is brighter, I don't know that it is so much brighter to justify the major cost difference.
The Sunpak allows you to use preflash or no, and it seems to have good performance (on land, anyway). Your S camera can't use the TTL features of the Ikelite, so until you upgrade your camera and housing (probably to the tune of $1000 for a camera and $1000 for a housing), you get no real benefit from those functions. So from a purely photographic standpoint, it seems the Sunpak is a good general use flash.
Maybe I'm going to learn my lesson about how stupid it is not to buy an Ikelite system. If I do, I'll let you know. But at a price of $620 less than the Ikelite suggested, I'm willing to take the risk. $620 can get you some good dives.
Regarding Internet retailers, I know this is a hugely polarizing topic. I'll just say that to date, I have not had any problems. That doesn't mean I never will, and I recognize there may be inherently more risk doing business this way. But again, if I can save 20-40% on my gear, I can spend more money on trips (which is why I dive). Again, I'm willing to take that risk.
I'll keep you posted on how the Sunpak does. Good luck to you in your choice. I'm sure if you do buy the Ikelite, you'll be thrilled - high dollar equipment is usually really nice to work with. I'm just not sure you won't enjoy the Sunpak, as well as the extra money in your pocket. Time will tell.
RiotNrrd