I have been using the Inon optical converter a bit. Motivated by the reduced complexity and weight saving of replacing electrical synch cords with fibre optic.
It works OK, although I have had a problem with it causing the strobes to fire when the camera goes to sleep. Annoying, but not a big issue.
The main aspect that stops me using it more is that it tends to get in the way sticking out of the synch sockets of my Subal. On other housings with synch sockets in different places, would be fine. For example the rabbit ear synch sockets on the Aquatica would be ideal.
But I agree with the premise of this thread. It would be much better to have the circuitry wired inside the housing with just a pair of optical connectors sticking out. No leaks and very compact.
This time last year on the Wetpixel Shearwater trip I was very impressed with the compactness of Tony Wu's Zillion housing, which had this configuration (not the flash popped up, which is so common on many Japanese market housings). A lady I was diving with in Lembeh recently, Taeko, had a similar setup on her Zillion housing too.
When I (finally) get a new camera and housing I think I will get such a system wired in. So it is there as an option for trips when I am using fibre optic drivable strobes.
Alex