Sanyo has two new uw camcorders. They only go 1.5 meters and 3 meters. Good for snorkeling, but not tank dives. Still, a cost effective way to get some underwater video. FWIW there is also an annoucement of a new Sanyo that is native 1080p (60fps).
http://www.camcorderinfo.com/content/Sanyo...C-CA9-36122.htm