Not to turn this into a filter thread, but the advantage of a good UW filter (I like Magic, obviously, and UR Pro) is that they adjust colours before the light enters the camera, where as RAW conversion adjusts afterwards. Meaning you are doing less with the electronics and getting a higher quality result. Also the filter means you need less extreme WB corrections, which keeps you water blue (a lot of over corrected WB only images have grey or purple water!)
Craig Jones's article published here on Wetpixel three years ago, summarises things pretty well:
With the advent of digital photography and electronic white balance many say that filters are unnecessary. That is simply not true. Electronic adjustments occur after the picture is taken and only serve to modify it's presentation. Filters work before the image is taken and fundamentally alter its content. If the light entering the camera lens is predominantly green, then the camera is obligated to set exposure based on green and the quality of the red and blue portions suffer. If the green light can be brought into proper balance using filters, the subsequent image will be of higher quality.
The Magic Filter is designed to work with your camera's adjustable WB and the strength of the filter was determined to give the best compromise between filter performance, useable depth range and image quality.
Alex