I found the most impressive thing on diving with a rebreather that the fishes don't
be scared anymore. You can swim easily in between a swarm of fishes and they don't mind
about you and this makes rebreather very interesting for photo and video. (at least in the Red Sea)
Chris
I too have been diving a closed circuit rebreather and taking pictures for the last couple of years. Even though I do agree that fish generally are not as spooked by divers with rebreathers, I have also found that body language has a lot to do with it as well. Even with the rebreather, if I'm swimming directly at a fish, it will interpret this as an aggressive action and act defensively. However, when I swim along side fish, they generally do not interpret my actions as an aggressive posture and are more at ease.
My experience tells me that the lack of bubbles is definitely an advantage underwater, especially when very close to fish; however, when approaching fish with a camera, whether diving open circuit or a rebreather, developing good non-aggressive techniques is the determining factor.
Another factor to consider...I use an electronic closed circuit revreather, which fires a selanoid every several seconds, as needed, to keep my oxygen level the setpoint I have entered into the computer. That selanoid makes an slight electronic popping sound which also contributes to scaring the fish. I can manually inject oxygen, but then I would have to take one hand off my camera and reach down to add oxygen periodically. Some manual rebreathers have a valve, which you can adjust and set to a predetermined rate, and it will slowly bleed oxygen into the loop, which minimizes the the number of times in which you have to reach down to manually add oxygen.
With all that in mind, and with all the additional maintenance and risks that comes with a rebreather, I wouldn't even consider going back to full-time open circuit diving, especially not for photography, because the advantages, including the lack of bubbles, are just too great!