Carl,
Matt may be right, but from painful personal experience, if an Olympus floods and it's not your fault, you can expect no help from their customer service.
Here's my thread, and I know there are others you could search: -
http://www.scubaboard.com/forums/ph...ers/143870-olympus-dont-swim-help-needed.html
Maybe they're better these days, but as far is I'm concerned, the bridges are burnt.
LIke Matt, I shoot with a DSLR (Canon), but also have the Point and Shoot G9 (last year's model). The advantage is that you can pick these up on ebay relatively cheaply, and should be able to get an Ikelite housing from the same place, again, at knock-down rates.
The best thing to my mind is that they shoot as well underwater as on land in Auto mode (I'm lazy), but have the full manual ability if you want to be creative (as if).
Like most, they also do video, and well, too. Here's an example: -
Stop. Hammertime! on Vimeo
You can see a bunch of pictures from Galapagos taken with the same camera here: -
Moglets/Galapagos - Photobucket - Video and Image Hosting
On quality, they're more than you'll need, and I especially like the genuine metal body, which makes it feel sturdier. Dropped it a couple of times without tears as well.
Ease of use? It's one of the most popular compact cameras recently produced, so you can figure on the lowest common denominator going for that.
Price? Not the cheapest at all. But value for money? Very high. Camera (used) on ebay now from $300 (buy it now), with package. Ikelite housing, (new) $430 (buy it now), but bide your time and a cheaper one (read used) will come along.
Alernatively, there's a good buy it now deal here: -
Find Canon PowerShot G7 10 Megapixel Underwater pre G9 G10 on eBay Global Buying, with worldwide deals on items in all your top categories
for the older G7, which is still a damn good camera.
Housing? Canon's own would be cheapest ($140 buy it now on ebay), and I haven't heard any real complaints. I just like Ikelite, and it allows me to use the sodding great Ikelite strobes I already own.
The internal flash works nicely in Macro, with a diffuser (if you don't get one with the housing, which you should, they're easy to make yourself).
Phew. That's a lot of parentheses.