No, I don't like it. But some do.
I'd go with a Canon A or S series in a Canon housing (except the 620 for which I would spring for the Ike housing so I could attach add-on lenses). Or maybe one of the Fujis - 900, 810...though these aren't as high on my personal list, even though they do offer RAW. Olympus 5050 if you can find one is still an awesome unit, despite a few quirks - I won't give mine up. The Oly 350 has a good following, too.
I'd head for a compact digital camera that has complete control of aperture and shutter and that has an underwater housing available for it. You'll use the compact on land far more than underwater so I would concentrate on finding one that meets your land needs with the ocean stuff secondary.