Simply put, positive bouyancy can almost guarantee that your shots (especially macro) are going to end up making the viewer seasick.
I agree with the others entirely, your full setup (lights included) should be neutral to slightly negative for ideal shooting...... it depends on individual's tastes, Anders has a great point for about wrecks and silty environments.
Investing in a simple system to attach it to your BC and all should always (generally) go well...
WERE you to drop it somehow on the surface whilst taking it from - or handing it to - the boat crew, a slightly negative housing really shouldn't be sinking faster than you can go after it and grab it.....
Wanna laugh?........................ 4 years ago I had some good-old Thai flip flops ("thongs" for the Antipodeans out there) strapped to my gear (a brand made out of a good solid rubber, didn't compress too much) ...... God I miss looking as cool as I evidently did in those days!?!?! 
Nick's pipe-system works a treat, I don't - but have seen a few people - use them. You can even spray them black for that added Darth Vader effect.......... sweeeeeeeeet....... cooler than filp-flops maybe?
Chris