Hi guys,
I've been out of town but I'm back and have read this thread w/ interest. I am holding my 1DmkII and the 5D in hand and there is a clear difference between the viewfinders.
The 5D finder's "hole" is smaller. To see the viewfinder image, you have to get your eye much closer to the "hole." When you are close, the image is big. As for only seeing 96%, I don't detect a difference when looking at the shots - just remember you'll get an extra 2% on each side I guess. The viewfinder brightness is a little better on the 1dMkII but very close.
Now, on the Wetpixel trip, I used the 5D in the Seacam and the Aquatica housings. The Aquatica housing has their standard viewfinder, and I used the Seacam w/ the S180. (I'm excited to try the new Aquatica magnified finder when it comes out.) To use the Aquatica, you have to have your mask really pressed up against the housing, but when you do that you get a pretty good viewfinder image.
The Seacam w/ the S-180 lets you pull your mask back a bit and still see just about everything. W/ the 1DmkII you could pull your mask back a bit and you COULD see everything, so there is a difference (the 1.3x crop probably). The Seacam is not ultra-sensitive to where you eye is, unlike the Subal, which I have found from bench-testing (not underwater) is more sensitive.
Because my insurance will replace my Seacam housing, I deliberated long and hard about doing a direct replacement and getting the 1DsmkII. But in the end, I decided that the small size of the 5D setup, the lower cost (I can get two for the same price as the 1DsmkII), and the excellent image quality of the camera were important enought to go w/ the 5D setup.
I have the standard Seacam Pro viewfinder, so I may try putting that on today too.
Cheers
James