I have been shooting UW for a few years, and am working on updating all of my gear to accommodate the Canon 5D Mark II. In the process of researching what I want, I noticed that there are not many posts that I could find (even via Google) debating over the topic of housed flashes versus UW strobes. As far as I can tell the pros/cons of housed flashes breaks down as follows. Please comment, add to the list, and/or give your own experienced impressions:
Housed Flash:
Pros
-assurance of TTL capabilities (as are many strobes), without the need for a TTL converter
-Some native features here and there, like 2nd curtain sync ability with Canon
-Common AA rechargeable batteries can be used in the flash (rather than proprietary batteries for the strobes)
Cons
-Usually needs an S6 bulkhead, which is not as readily available and/or is more expensive so dissuades users from choosing
-Costs more overall due to purchase of flash and housing (as the housings are usually as much as a dedicated UW strobe)
-If more than 1 flash is desired, the additional flash/s must be set up as a slave to the first (on Canon at least), which complicates the overall connectivity
-Overall increased complexity (above mentioned cable and slaving issues, and also increased flood risks with flash housings compared to dedicated strobes) increases overall risk for failure in the field