My 2c:
I have owned two underwater cameras previously (two point-and-shoot minoltas). I do not dive, however have many thousands of hours snorkelling, and enjoy (very) amateur underwater photography (as well as collecting old bottles while snorkelling . This time I saved all my pennies for a few years, and bought an Olympus 4000 with an Olympus PT-010 housing. I can't remember the exact prices; I think the combination was around USD$800 all up, delivered (perhaps less).
I bought the camera from "www.buyright.com" and the housing from "www.underwaterdigital.com".
Buyright were cheap and fast and I'd recommend them. Prior to purchasing my camera I rang a number of the other NY based "ultra cheap" places that advertise so much on the 'net. After a number of calls I was very annoyed and totally disgusted with them all, and I'm since convinced they are mostly thieves and liars. Avoid the ultra-cheap places unless you have money to burn!
After having a few problems getting my housing I contacted Allan at Underwaterdigital. At this point I'd wasted three weeks mucking around with the NY rip-off stores and had other problems with getting the setup. Underwaterdigital came to the rescue and with only three days left before my plane was leaving for The Barrier Reef the purchase was initiated, completed and delivered to NY. Saved my holiday from near-disaster!!
This was December. Since then I've been enjoying the Australian summer and have taken perhaps a thousand pictures. In fact I've been having such a good time taking the pictures that I haven't spent any time yet working out how to 'touch them up' to make them look better (so I haven't displayed any yet).
The camera setup I've just purchased is fantastic for my purposes, it takes fantastic images and it's internal flash is quite suitable while diving in clear waters to about 10M depth, for objects within 5M range. It's optical magnification and focus are both excellent and I believe it's an excellent option for a person with a limited budget, or who only snorkels. Of course I'd now buy the Oly5050 and a PT-015... Perhaps I'll convince the wife I need to upgrade already... (about the time that pigs start flying about).
regards
Dave