One of the advantages of the newer cameras particularly full frame is their high ISO capabilities; and I am an advocate of utilizing the ISO control more freely as a third exposure control mechanism in addition to aperture and shutter speed. The D3/D700 is the present king of high ISO, but the D3x and 5D MKII are pretty close at least up to 1600 ISO. No longer do we have to think so much about keeping the ISO as low as possible in order to avoid noise and loss of quality as we operated in the past.
When I dive now, I have a new exposure rule of thumb - 100 ISO for every 10 feet, and I play with ISO as I do my aperture and shutter speed dial.(Sorry you metric guys, the conversion is not as convenient) I think it is much more than just a low noise issue. I think higher ISO allows better penetration of those areas beyond our strobes that are only illuminated by ambient light, and the result is more subtle display of the tonal ranges of the underwater landscape. Strobes can now be used in much more subtle fashion, to just paint in the bare minimum of light required. For my own photography I think this conveys a better mood and feel of the experience of being there. Though there is some loss of image quality at high ISO if one one were to scrutinize similar images at the surface, I think the benefits of high ISO at depth or other low ambient light situations far outweigh the loss in quality. Here's an example. ISO 800 at 80 feet.

