The 14-54, 28-108mm film equivalent, is going to be almost exactly like your 5050 lens, if you put it behind a flat port. If you put it behind a dome, it will be a bit wider. If you use your wide angle wet add-on lens a lot, it won't be wide enough for you. I never took mine off, so I am rock-solid, 100% happy to swim around with my 7-14 on all the time, no question. But I am planning on using the 50mm macro lens in wakatobi & lembeh later this year, so I'll probably try that out to get used to it soon.
You might want to go with the 8mm fisheye, or wait for the affordable new wide angle lens they promise in 2008 and shoot the 14-54 and maybe the 50mm in the meantime. Or maybe the 11-22.
Personally, once I got the 7-14 or the new wide angle, I would probably not use the 11-22 much, but I would never outgrow the 50mm (it's a great macro lens) or the 8mm fisheye (fisheye is great for some stuff and I'd want it as a backup for the 7-14) or the 14-54 (just a great basic range). The 11-22 is not as wide as I would like, and it's not as long as I would like for what I would call a shark lens. I think the 14-54 is a better shark lens, it has the range to do full bodies and faces of shy subjects. Not sure the 11-22 gets you faces. But this is very much based on personal experience. The 11-22 is a great lens and I'm sure there are many who would never take it off. It's just a zoom range that I personally don't spend much time in.
Drawbacks are the 4/3 system is new and the lens choice is limited at the moment (although improving)
it improved a lot over the last year. Sigma has 5 (or more?) lenses out, the 105mm macro is probably the only one of interest to divers. Maybe the 150mm macro for power mad macro hounds.
Here's Oly's lens roadmap. The promise of a new lower cost wide angle zoom is nice:
http://www.olympus-esystem.com/dea/product.../zuiko_lens_eng
But up at the top end, that 7-14mm rectilinear zoom, that alone deserves note. It's a stellar lens.
They have really covered the whole range with a handful of zooms. The promised lenses will be welcome, they'll fill in the gaps and upgrade the most-used favorite lenses. All people are really crying for at this point are more great primes to match the 50mm's quality and maybe something long and affordable. The 100mm macro and 2.0 TC will be very welcome. and maybe that 70-300.
and the reported noise at high ISO this is not a problem for me because I always shoot low ISO for fine detail (the new 510 reportedly gives less noise).
Have you seen the full DPReview.com review on the E410? Noise was good. The whole camera was quite good.
http://www.dpreview.com/reviews/olympuse410/
But I agree, even in older cameras like my E1, noise was not a show stopper for me. But I do like using ambient light in the water and on land, so I do hope they continue to improve the noise, and continue to allow me to shoot at very high noisy ISOs when I want to. A noisy 3200 ISO shot is better than nothing sometimes.
On a recent dive one of our guests was shooting whalesharks using the 7-14 zoom whilst I was using the 11-22 and I felt his shots at extreme w/a end were "too wide" ie the shark was small object in a sea of blue even though we were almost side by side during the dive.
It's a tough lens. I agree, it's probably not a shark lens. When I used my E1 in truk, one time I took off my 7-14 and put on the 14-54 was on the shark dive, when the crew, all photogs, took their time to convince me that the sharks would not get that close and going longer would get me head shots vs tiny sharks with lots of blue. They were right.
I did use the 14-54 on one other dive after we found a baby clownfish smaller than a pea; that shot got me a best-in-show, so I guess it was worth the swap.
http://www.uwimages.org/2006/gallery/index.htm
Finally once you go DSLR u/w you have to decide prior to diving if you are shooting macro or w/a (unlike the 5050) I suppose it is a drwaback but it focuses you mind on taking pics in that style rather swimming around aimlessly.
I hate making that argument. Yeah, you do concentrate and get your mind right when you only have one lens, and yeah, even on land, it is interesting and educational to force yourself to shoot with only one lens for an afternoon, but deep down, (no pun intended), we all want to shoot the full range all the time. Even on land, we want it so bad we don't want primes, we want zooms.
Also you may want to ask the dive operator what would be best to shoot on that day for example if the viz is "less than perfect" it is probably a good day to try macro but if the dive site of the is a scenic wonderland of swim throughs then obviously it's w/a.
No way! low vis means you have to get closer! Go wider! ;-)
I hope I have been of help.
Martin, hope you haven't minded that I've picked your post apart. You wrote an intesting post, I couldn't resist replying to a lot of your points.