Thanks, guys, that's two and a half votes for the YS 110s (Including one on DDN!)
Anybody had 'em in the water yet?
Of course they have been underwater!! No fun to have them sit around doing nothing! 
I had 2 - D2000W strobes that I used underwater on about 300 dives, I traded them in to get the Sea and Sea 110s.
Mine 110s have been used for about 12 hours u/w time so far (sorry I can't rate per your system of #s cause too many other factors come into play, etc) here's what I've found and rate for yourself:
The 110s are a good strobe for the money.
The 110s are much less negative in the water than my former Inon D2000Ws (that is why I got them).
Sadly the 110s are not positive or even neutral in the water, they are a tad negative, but this may not mean anything to some users. I wish they were positive like the YS90s.
Their beam angle is a little whimpy in my experience, I have not used diffusers.
If you use manual strobe operation the button regulating flash output is easier to turn on the 110s than on the Inons, but there are no guide numbers, etc so it is harder to be as precise on the 110s and easier to make an error with the output control in manual operation with the 110s as opposed to the Inons. Also it is still a small and somewhat "fiddly" button on the 110s, but not as "fiddly" as on the Inons. Also there is no "full dump" guide like on the Inons, if you want full dump you have to dial it in all the way. This may actually be a good thing cause lots of people used to accidently click into full dump with the Inons.
It looks like the 110s will work well with the Sea and Sea TTL converter, when I'm able to get a converter that actually works that is.... (heard it is coming..)
Recycle time on the 110s didn't bother me, slightly longer than the Inons, but didn't affect my style of shooting. Use them with 2700s, recycle time is then shorter. They work better with 2700s than my Inons did. Some Inons have issues with some 2700 rechargeables (I think battery compartment related??).
The 110s have a little stronger "model/target light" than the Inons. I hardly ever used it in any case but it might come in handy for some users?
That's my opinion, if you want more detailed info probably some retailers have conducted "tests" on the specs, I know Ryan Canon from ReefPhoto has dome some quick tests of beam-angle, etc. Ask those who know.
The 110s are a good strobe, easier to handle in the water because of their shape and being less negative than the Inons. That's why I got them. I too am looking fwd to the YS250s in the "distant??" future....
. Wow a real positive - in-water - weight strobe again!!! Yea!!!
But personally I think the Inons are better in the power, beam angle department and feature department / along with the ability to be a little more precise in manual strobe operation.
Ergonomics of the Sea and Seas are better in my experience. That means a lot cause better ergonomics = more precise positioning!! And that is way more than 1/2 the battle.
Just my experiences! Carol