Coming from a P&S is quite the leap. I dived with my Oly E-410 for the first time last weekend. Although conditions weren't ideal and the subjects didn't cooperate, I got a first hand taste of how the camera performed and was quite pleased. Some observations:
1. Although the E-410 sports a live view option I didn't even use it once. I suppose it might have been useful on a few shots but I became adept at the viewfinder very quickly.
2. The 14-42 lens really surprised me with its versatility. I thought that without the wet lenses of a P&S that I would be stuck with either WA or macro. That just wasn't the case. The 14-42 was sharp enough and had a minimum focus point of about 10inches that it actually performed quite well for macro shots. The wide end of the lens was good enough to handle some pleasant schools of fish.
3. OEM housing buttons were easy to get to and operate. With the exception of a missing button to pop up the flash, there's a button for every function. The button to allow changes to the aperture while in manual mode was too difficult to manage with one hand so it required some underwater gymnastics.
4. The camera was quick, responsive and performed very well in so-so viz. I was able to lock focus very quickly in most cases.
Some shots from the dive