I certainly don't need ISO 6400 underwater and only occasionally use it on land - but when I do need it, it's very helpful. And I don't expect the E-520 to perform like a D700. But I would like it to perform roughly the same as an APS-C camera. I hope that Oly (Panasonic) have managed to at least move closer to the best of the APS-C pack with the 12 MP sensor (as much of a contradiction as that may seem, but here's hoping the new Truepic III+ engine adds a little magic). The E-520 is about 1 1/2 stops worse than the D60 or EOS 450D in chroma noise and a stop worse in luminance noise.
I actually have the upgraded YS-110a (use it with a compact right now) so will certainly try should I go down the E-620 route.
loftus, from what I've heard the Zuiko 7-14 performs quite well underwater, Phil can probably tell you more, but I certainly haven't heard of any of the issues that plagues the 14-24 (which is great on land but which I would hesitate to house).
Yeah honestly, I really don't know, but we don't get to see many examples, comparisons or tests of Olympus stuff. Don't get me wrong, I love the size, ergonomics, performance of the Olympus cameras, and this setup is obviously an awesome value, but the only way to compare would be some side by side tests of wide rectilinears and their respective setups. I was just making the point that when one compares FOV rather than focal length numbers, FX wide angles compare with equivalent DX wide angles. Also Steve Frink has shown that the 14-24 can work with specific setups and get decent corners. It's just that this is just simply tougher to accomplish with wide rectilinears.
Unfortunately, anyway you swing it, rectilinear wide angle lenses with their flat plane of focus were simply not designed to work with domeports, so one is always essentially working within the depth of focus of the lens at the corners. This is why we have no real corner problems with fisheye lenses.
Again, not trying to discourage this setup, just pointing out that full frame rectilinears can be setup to perform OK.
On the issue of high ISO, I agree high ISO is not essential for underwater photography, but from my own experience with the D700, it's opened up possibilities I could not consider before, so it should not be completely discounted as a desirable feature of an underwater rig.