I just returned from our aborted SD/Mexico trip. With 15 foot waves even at La Jolla cove and just getting worse, there was no diving available except for an iffy dive at La Jolla shores (although a guy who took that dive brought back pictures of mating squid).
My son brought down the SP-350 mid trip, and I got to play with it a little. CE4Jesus isn't kidding when he says there are lots of settings. If you just park the thing on automatic, you get whatever the camera gives you, sometimes great sometimes crap. Using the scene settings gets you really close to whatever white balance, etc you want without manual formatting. You can get some really nice pictures. My UW case isn't here yet, but as soon as I get to Monterey with it, I'll try out the preformatted UW wide 1, wide 2 (fixed focus at 15 feet for fast shots) and UW macro.
I can tell you that on Super-Macro setting, you can get half an inch away and have perfect focus and light above water. I plan to compare this with the manual settings, which are pretty unlimited and can be preset with the MY mode.
This is probably a different thread, but I haven't used a raw translator. The camera comes with one and can also be adusted in raw mode on camera. I have PS7, and downloaded the Raw "negative" program. I don't have CS. I have also seen a free raw conversion program called "raw essentials", which also has a $99. photoshopable advanced program available. Any suggestions out there. (I'm a bozo on photoshop, so the simpler the better, probably.)