One of the biggest things that I really like about the D70 over the Canon Rebel (the only other budget DSLR available when I bought the D70) is the dual mode dials. It seems so intuitive to me I can't concieve of why anyone would design a camera any other way. This applies as much to topside shooting as UW.
To me two of the most important (technical) aspects of photography are shutter speed and aperture. So why not have two seperate easy to use controls to dial in each one? It seems basic.
Underwater I select both aperture to control depth of field and shutter speed to control background exposure "blue water". I use flash exposure comensation with TTL to control the foreground, if I play with this at all.
In other modes these two controls have other valuable uses. In P mode both controls can be used to both select the proper equivelent combination of speed and aperture and with the other control dial in exposure compensation.
I think the DOF button is most useful topside to get a handle on the relationship of aperture and DOF. I find it hard to judge DOF underwater with housing, mask etc to look through. But shooting topside I can see it so I know which combinations of aperture and subject distance work well.
I think the D70 is a better value. The D200 would be better still. I don't think its worth it to sell my D70 AND housing to upgrade, and the D70 is a great camera but if I were buying today I'd want a D200.