OK guys. Let me speak from the years of experience in laser physics and practical tests of laser pointers as an aiming device for spearfishing. First - forget red ones. The red wavelengths are not penetrating more then 10 feet in the water (everything is green down there, remember?). For the practical purpose one need at least 60 feet since you have to see your beam on the target. So if you aiming at the fish 20-25 feet away your laser have to be visible twice that long. Don't forget that most people hunting during daytime, which means sun, so your beam have to be bright enough to outfight the sun light. My tests of Z-Bolt 5 mw laser revealed that with that you get about 10-12 feet of practical range. Hence if you want to aim at the fish 20 feet away laser has to be at least above 10 mw output (more likely 30 mw). It is very nice to have when in range, but in my case I seldom have a chance to shoot a fish closer then 15 feet away. Alignment of the laser to your target is also a problem since spear is much greater drop in the water then it has in the air so one have to access to the pool to align it right. Keep in mind that Hawaian flopper on the spear will interfear with the line of sight of the laser, so you have to either mount it on the top of the gun (not good for rubber band guns) or use Thaitian flopper (one, which goes above the spearshaft). The drop of the spearshaft is about 12 in on 20 feet distance in my experiments, so plan accordingly. Bottomline: you can use 5 mw Z-Bolt for pneumatic guns or have to go to around 30 for bluewater rubber guns. Safety is a paramaunt so be very carefull even with 5 mw green models. Someone mentioned that he would take it as a hostile act if somebody point one on him - that is correct. The beam like that on the short distance can blind one's eye. You can imagine what 30 mw can do...
Ideally laser sight should be trigger activated to prolong battery life and lessen the potential risks to bystanders. One more thing. Laser + mount also made my gun negatively buoyant, which sucks so removed it because it didn't help aiming too much and negatively affected buoyancy and handling of the gun.
Just my $0.02, hope it will help somebody to solve laser sight speargun problem.