I've had two floods, on two different housings.
The first happened about a year ago on my Ike clear housing for my Nikon D70. I was at my safety stop at 15 ft at the end of a relatively shallow dive and had nothing better to do, so I was flipping through some shots when I noticed some water droplets on the inside of my housing. Naturally, I thought it was condensation, but when I flipped the camera port side down, I noticed a significant amount the water pooling. I ascended and handed the camera maintaining the port side down position. Back on the boat, I opened it up, drained a couple of ounces of salt water out. Luckily, it wasn't enough water to reach any of the electronics (just touched the battery compartment cover of the camera) and the camera was fine. The culprit was a loose bulkhead connector for the sync cable. I contacted Ikelite about this and even they said that this wasn't something that needed to be checked. No doubt, the nut had loosened from all the time the camera has spent in rinse buckets with the motor rumbling, creating vibrations that eventually loosened it. Now I know to check.
The second occuremce was about a month ago on my Aquatica D200 housing. I had just gotten down to 30 ft and was setting unfolding the strobe arms and setting the camera up when I noticed some drops of water on the inside of the dome port. This time I knew what it was and ascended and aborted the dive. I drained the housing, and an ounce of water came out. Again, caught it early enough and no damage was done. Not sure what the cause of this was, other than user error. I had Aquatica pressure test the housing to over 300 ft and all was fine. Go figure.