I have followed a number of the threads here on Wetpixel, and I myself have been set straight in my understanding of filters underwater by Craig's explanations.
I have been trying to read what I can on the subject and came across this
http://www.israelnationalnews.com/News/News.aspx/68470
and subsequently perused the main author's website here
http://www.ee.technion.ac.il/~yoav/research/underwater.html
Long story short, they have devised a method using two polarised images and a computer algorithm to enhance visibility and clarity of photographic images underwater. They also reference the more limited benefit of single polarised images underwater.
I think this is interesting, does anyone have any experience or insight as to the use of polarising filters underwater?