I have an E1 and rented a housing for it, I am waiting for the new pro Oly. I am in love with many qualities of the E1, as you probably are. It does a stellar job with blues, absolutely stellar, and the 7-14 lens is the reason I bought the whole system - but then, I am a wide guy, I want to do wide all the time, and I love being able to go to 14 (aka, 28) in case an animal shows up. It would certainly blow your budget. But basically, I want to take the 7-14 lens in the water, with a pro, weathersealed big-buffer camera behind it. I don't think you will outgrow the E1 soon. You will outgrow the 8400.
I made a longer post on it here:
http://www.digitaldiver.net/yabbse/index.p...;threadid=19486
and i have some high-asa ("noisy") samples here:
http://www.digitaldiver.net/yabbse/index.p...;threadid=19898
sorry for cross posting. My comment on the camera specifically from that post are:
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The E1 has some excellent qualities.
The E1 is weather sealed well and could probably take a minor flood. Many land shooters have dropped theirs in streams, etc. A few regularly rinse theirs in the sink after shooting near the ocean. None fear shooting in the rain. I don't mind using mine on deck, even with wet hands. This is a real bonus in a camera.
Many of it's specs - particularly the 12 shot buffer, the color, and the general build quality - make it an excellent choice for an UW camera. Once you invest in a housing, you want a camera that can last a long time, and the E1 will.
And right now, it's down to what, $400? $500? I got mine with 14-54 for $775. If the E3 does not live up to my expectations, I may get a couple more E1s and call Ryan about that housing.
But I found it to have 4 major flaws.
1. Very poor low light focusing. It's worse than my 5050. But you could work around it: get a nice focus light, learn the huge DoF and hyperfocal distance it has with a wide lens on it. I would set it for manual focus and then tap the AE/AF button, which would momentarily trigger autofocus, and shoot away happily until my subject changed distance (wrecks in Truk move slow). So this can be worked around.
2. Very noisy at high ISO. I love shooting ambient light at times, on land and underwater. The E1 is so noisy up at 3200 asa that most shots will end up being turned into B&W so they look like an old grainy photograph. So you can work around that, too. But I wish it was less noisy. It's a great tool. But many cameras don't go to 3200, and not everyone would use it, so this would be irrrelevant to many.
3. Awkward to get to the histogram of the image you just took. You can get there, but it's an extra button press. Now, all of my pictures are exposed perfectly, but I have heard other people complain about this. So many of us wish they'd fix this! We dream of an E1n: same camera, maybe even same chip (maybe not, maybe more pixels), with just a few minor, practically only software, upgrades here and there. We hope the E3 does this!
4. No live view. I would use it a lot. Some would not. I think it would be killer for ultra macro.
Personally, I am waiting until Photokina, to see what the E3 brings. But if I'm not happy, I'm going to buy a bunch of $400 E1s and live happily ever after. The E3 had better be affordable, and it had better image blue water as well as the E1. I can put up with the E1s faults and a whole lot more for its color.
if these "flaws" don't bother you, and they may not, by all means, house it. In which case I hope Ryan has 2 housings or that Ike can be persueded with cash money to make one more. Or maybe I can convince the assembly line that I'm the other Roger Carlson and they need to restart E1 production, stat!