I've gotten a couple of questions on my underwater camera equipment.
I currently use an Olympus C-4040z housed in a Light & Motion Tetra housing with two Sea & Sea YS-90DX strobes. I utilize the wetmate wide angle and macro lenses for the housing.
The 3030, 4040 and 5050 series Olympus cameras are blessed with a wonderfully bright f1.8 lens. This makes them ideal for underwater photography and other low light situations. The beauty of the prosumer digital cameras is they allow you to compose the photos on the LCD screen, rather than having to use the viewfinder. The drawbacks to the prosumer cameras are write speed and shutter lag.
I selected the housing because of its depth rating into technical depths. However, I have not utilized this very much, to date. There is no TTL capability with this housing, so the strobes need to be set manually.
The ONLY major problem I have with this camera setup is that it uses the SmartMedia storage cards, which are limited to 128MB. I'd like to upgrade, but have yet to find a prosumer model I'm happy with underwater and don't feel like dealing with a housed SLR at this point. Although I'm on the cusp of buying a Rebel XT for land use.
Unfortunately for underwater photographers, Olympus took a step backwards with the C-5060 (like downgrading to a f2.8 lens). I was hoping the C-7070 would address the problems that arose from the C-5060, but alas, after looking at the reviews (here and here) it seems that all they did was stuff more pixels on a 5060 sensor. Sigh. Last week Light & Motion announced the Tetra housing for the C-7070. However, just as with the 5060, my wide angle wetmate lens can't be used with the 7070 either. This is purportedly due to the fact that the lens moves when zooming (something the 3030, 4040 and 5050 did not do!). While I would think of upgrading the camera and housing, I definitely don't feel like springing for a new wide angle lens ($700!).....and its not a wetmate either. I've grown very used to switching lenses underwater.
So now I'm spending time on eBay trying to pick up one or two additional c4040 camera bodies (just in case!)