A few more details on the settings I used:
For those not familiar with the camera's video function- it is pretty automated with little possibility of manual control. Normally the camera selects the shutter speed, aperture and ISO itself. It tends to default to one of the following apertures: the lenses widest aperture, f5.6, f16 or f22. This is often far from ideal. Also the camera cannot continuously focus during recording of video, you have to prefocus in liveview before you start recording.
There are a few workarounds you can use to help with this. I tended to fix the aperture at an appropriate setting for the lens and light conditions before the dive. I did this by setting the desired aperture in AV mode, then holding down the DOF preview button and disconnecting the lens. The lens is then locked at the aperture and you can tape the contacts with some thin sellotape and replace the lens. You then lose autofocus, lens exif data and aperture control. Under this setting the shutter speed is locked at around 1/50th . With fisheye lens and fisheyes with a teleconverter, which is what I used a lot, the depth of field is so great that I tend to just prefocus manually on my fin and leave it there for most of the dive, unless I have a really close subject, when I'll re-focus using the live view magnification. I generally settled on f8 for most fisheye shooting.
With the macro lens I taped it at f11 and used lights. I found this much more difficult, but there again I'm not particularly experienced at shooting macro video. It's obviously critical to steady the camera on something. DOF is very thin, so focus is critical. It's probably OK on static subjects, but fast moving fish are very frustrating! I've fitted a tripod thread to the housing, so I think that will get some use for macro. With such good high ISO video capability, f16 might be worth a try with bright lights.
I used a magic filter for the fisheye shots and white-balanced in the normal way, taking a still shot at the appropriate depth, so it was on custom white balance mode.
One potential frustration is that zoom lenses will be difficult to use in video mode, because you would ideally need to access both the zoom ring and the focus ring. On the next trip I might try the 17-40mm and leave it fully electronically connected, and see how the video works out.
I used a low contrast and low saturation picture style and then boosted saturation a little in post.
For editing I batch converted all the .mov clips to cineform .avi's with cineform neo scene. They then behaved perfectly in Sony Vegas Studio (latest version), and render times were not too long (on a quad-core PC with 8 gb ram).
All in all I was pleased with how it worked out. When pushed for baggage allowances I feel I can often leave my video camera at home. But you really need to set up for either video or stills at the start of the dive. On exception is that when using a magic filter on a fisheye, you can easily get good quality stills and video on the same dive. You can also grab video clips when set up for stills, but you have to accept the limitations of lack of control over settings. Also, I didn't really get the chance to give the low-light capability a good work out, but my feeling is that it will produce some very nice results where other video cameras would struggle. The HD video looks pretty clean at ISO1600 above water.
I hope this is some help to those still considering splashing out on this camera. It looks like the ergonomics are fantastic on the new aquatica and seacam housings. I would love to try it on one of those, but for now the bank-balance tells me to stick with the ikelite!