I really want a camera I can use for both still and video under water, but there doesn't really seem to be a good solution yet. I am very tempted by the Canon 7D, but IMO the video side is too weak. Until something better comes out, I guess I'm stuck lugging along two cameras and two housings. Whenever I go diving, the other divers all want to know if they should shoot wide angle or macro; I always ask if I should shoot still or video

Mark,
I agree with wanting about wanting a single cam that will do great video and stills. I'd rather have an optical view finder, and a great live view with fast auto focus. So far the gh2 is the closest to providing all that.
Are you aware of the magic lantern bootable firmware for canon SLRs? It runs on the 60D and T2i, (not 7D), and lets you set the video compression down, and data rates as high as you like, given the throughput of your memory card.. And it gives you manual control of audio, live audio meters, and blinking zones for over/underexposure, etc:
http://magiclantern.wikia.com/wiki/Magic_L...n_Firmware_Wiki
There is some similar firmware from tester13 for the panasonic gf1 and gh1, which lets them run full hd res at 30p, and dial in video data rates up to the limits of your memory card.
http://www.gh1-hack.info/
All of these can go up to 25-50 mbps!
It appears that panasonic has gotten the word, and the gh2 provides great video with no hack. Around 25 mbps...
Sony knows they are competing with panasonic here, so the next nex is projected to be a full photographer friendly camera, with knobs and buttons and evf, and I'll bet they will be forced to through in great video...