In my experience and those of some others, even if you flood your camera, usually your memory card will survive. Now please don't take what I said as gospel. I don't know if this is true in all cases.
I'm of the philosophy that if I don't have to open my housing to change batteries, I don't mess with it. However, when I do open it, I generally leave the o-rings in place and do a visual check with my focus light. I can't tell you how many times I have found hair on the orings after a dive. Where does this hair come from????
I particularly remember an incident in the camera room at Lembeh Resort. I just switched out batteries, closed the housing and said to no one in particular in the room, "I guess I'm getting lazy because I forgot to check the o rings." I was going to forget about checking them and just check the camera out in the rinse tank, but then I thought better of it. I opened up the housing again, checked the o rings with the light, and sure enough, there was a big old hair laying right there, just waiting to mess up my trip.
Then someone else in the room started hitting the pile of "clean" towels and all kinds of hair just started flying out. Looked like cat hair to me. So 30 seconds of prevention sure save me from a lot cussing. 