I am just back from the Red Sea and did a couple of dives with my Fuji F40 which I found was an excellent undewater camera. I shot the camera on auto-exposure (on -2/3 stop) with an Inon 165 WAL and Auto-Magic filter and no flash. In the top 10m I shot on auto WB and below this, down to 18m I used manual WB. Very impressed with the ease of these point an shoot results. I even shot a short video of the Napoleon (although can only shoot videos on Auto WB).
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Very impressed with the short shutter lag on this camera. The battery performance was also really good.
Alex