Yes, pretty much.
I'd like to put my hands on a 14n if only just to see if it will fit inside of the blank that Aquatica has designed for the D100 and the S2pro. The 14n is a bit of a "doughboy" but I have a feeling that there's room.
The perceived problems with the 14N probably aren't that big of a deal for us UW shooters:
Slow startup - how often do you turn your camera on and off on a dive? I avoid it if at all possible.
Heating problems - will these be problems when the camera/housing is immersed in 80 degree water? Not sure. If I remember, the 14n has a cooling fan on the camera, so this could be a problem if not enough heat transfer from camera-air-housing material-water.
Noise at higher ISO's - If it has the same noise performance as a D100 at ISO200 and is better at 100, then that's good enough for me. Is that the case though? Not sure.
Battery life - Realistically, if the battery lasts for a whole dive of RAW shooting, that's acceptable. Not ideal, but acceptable.
Proprietary Software - it sounds like the PS CS has a RAW converter for Kodak - cool.
So imagine if you could get a full frame nikon mount camera like the 14n for $3500 (that's realistic if you look), then a nice housing from Aquatica for ~$2,000. You wouldn't have to shell out for exotic glass as a 20mm fixed or a 17-35 would do-ya. So throw in $500 for a lens and another $300 for a dome.
That would be a $6,300 full frame system!
Cheers
James