I've been an avid amatuer photographer since the days of bw labs in my basement. This might give you an idea why I have bi-focals in masks. I converted to a Canon digital rebel XT and an XTi for above water shooting. I currently use a Sealife DC-500 underwater. I find it to limiting in both pixels and battery capacity. I dive lots of cold dark Pacific Nowthwest water. Even on warm water boat dive one battery is only good for the first dive. I'd love to get an Ikelite housing for my 400D and enjoy the freedom. The only concern is the viewfinder. Would I be better to get a Canon G7, Nikon Coolpix P5000 or something in that range instead?
I understand every diver is different but would like to enjoy better underwater shots for the few years of diving I still have. (first dive was in 1967)
I would love to hear from divers who can raelly guide my upgrade.
Nikon P5000 has a lot of real good features, but unfortunately, the shutter lag and slow focusing issue is a big draw back, esp for UW photography (critters capture):
http://www.dpreview.com/reviews/nikonp5000/page4.asp
Canon G7, I saw some v nice UW pictures taken by others, impressed. The draw back of G7, however, is the housing WP-DC11, it's not supported by Inon ( http://inonamerica.com/ ) if the setup is fully supported you may be able to get a full setup looks like any of these: http://www.inon.co.jp/product/recommended/recomended.html
More about the G7 setup: http://www.scubaboard.com/showthread.php?t=193068
Or I just found out that there's a new choice, but I haven't received any feedback from the new product yet:
http://wetpixel.com/forums/index.php?showtopic=18903
A lot of people are talking about G7: http://wetpixel.com/forums/index.php?showtopic=17747
Besides the above two choices, you still have other Canon models, Olympus, Fuji.... as alternatives; and there are really some famous compact cameras esp suitable for UW photography, I am sure after a quick search, you will be able to find them.
After using SLR for many years, I never regret starting UW photography by using a small dc,
first the size of the small dc is really good for travel (it can be in my case or attached at my belt),
I use my compact dc together with the housing in many other occasions
e.g. during hiking or taking photo's at the sea shore (sand), so that even if it's raining I know it's going to be alright. For DSLR, I need another setup if I want to do the same.
then the cost of it, esp for the housing, is only a fraction of that of the DSLR's. So, I haven't brought any insurance for my setup but I don't really worry about what might happen.
I won't do this for my SLR's, you know.
Wet lens for wide angle and macro are widely available. I don't worry about which zoom/prime lens to bring and modification for my housing back on the boat; I simply switch my lens underwater, whenever. This is similar to what I did before when I use SLR on land -- switch lens whenever a new topic showed up.
With a decent strobe, the pic quality for many compact dc is already v. good.
Battery good enough for, say, 580 shots per charge.
I still keep all of my SLR cameras, lens etc. and I do miss the days when I did manual focus all the time, get my fingers pale in the black and white labs. UW with a mini camera is a different experience.
I am sure DSLR is good for UW photography, but I think at this moment I've by passed a lot of overhead, and as a result, the simplified solution is enjoyable for my case.