The problem with Ike - or any other mechanical housing - is that its a one-shot show. That is, the housing won't fit your NEXT camera.
Now this is somewhat of a problem with still cameras, but one you HAVE to eat as there is no "common" control available for electronic controls.
But its a HUGE problem with digital camcorders, as they seem to change models every second week, and if you have a flood, you could be left with a housing and no camera for it, unable to find another one of the same model, and be SOL.
The truly ugly thing would be if you had the camera and housing insured, got paid off for the camera on the insurance, and now had an "orphan" housing that you ended up EATING. There may be ways around this with various insurance carriers (DEPP and DAN, for example) that involve scheduling both items as "one", so the entire SET is condemned, but I have no idea if they'll let you do that or not.
It also has a lot to do with the magnitude of the loss. The Ike housing for my Oly5050, for example, was only $500. No biggie there. Plus, there are so many of those things out there that if I DO flood or damage it I can probably get another - on eBAY if necessary - for many years to come.
That might not be true for a specific model of camcorder. I see none of my Hi-8 camcorders on eBAY, for example, but a couple of DOZEN of my Nikon digital still camera from the same year of purchase.
This risk probably rises exponentially as you buy a nicer and nicer camera. For example, finding a used PDX-10 might be a lot harder than finding a used TRV-38.
This is a big part of why I ordered a USVH housing. Worst case is that I will have to buy plastics - Warren has said he'll re-fit the plastics (the housing case itself) for a few hundred bucks if for some reason I get forced out of the model I own today down the road (or want to move up.) The vast majority of my investment is thus protected in the housing - which is a good thing! Also, I might be able to buy a different camera that will do what I want, and still fit in the original housing (as long as the lens port lines up, and it fits, it'll be ok.)
Beware the "half-electronic" housings that have MOST controls electronic but still rely on some mechanical controls - they lock you in just like the full-mechanical ones do, and have as their only "plus" having all the common functions on the grip.
If I'm going to pay for an electronic housing, I want the interchangability. That is REAL value to me - and worth some extra coin, as it "future proofs" things to the best of my ability.
LANC, by the way, is a Sony and Cannon thing, and not everything you might want is available through it. Nor do all Sony cameras have a LANC port - the latest "screw job" by Sony is that this year's Digital-8 cameras (only two now in the line) BOTH have had the LANC jack removed! The good news is that essentially all if not all of their "PC-format" cameras (the TRV-33/22/etc series, and the PC series) have it, as, of course, do their "prosumer" models.
That's the trade-off.
BTW, don't get the idea from this that I don't like my Ike housing for my Oly camera. I DO like it - a LOT. However, IMHO the limitations of having the controls all over the place, which is not a big deal for a still camera, is a VERY big deal for a video camcorder, where you may have to manipulate focus and zoom DURING a shot. That doesn't come into play with a still camera.