I like the Olympus port line also but I suggest that you do NOT rule out a dSLR. One can purchase an Olympus e620 with a 14/54 lens in an Olympus housing and flat port for about $2500.
For taking macro the 15/54 will focus very close to the end of the port and give a semi-macro with a magnigication of 2.3:1 while providing semi wide-angle at 14mm.
If you start withe the low-cost Olympus PEN camera and Olympus housing, you will spend about $1200. However, you will probably, ultimately, add lenses to that configuration such as a 9/18 and dome and a 35mm pancake that will raise the price to more than the e-620 14/54 setup.
The e-620 housing is designed for fibre optic connections and the system works very well with INON Z-240 and s-2000 strobes.
The entire beauty of the P&S is simplicity. One lens for all shots is what the 14/54 gives you. Simple fibreoptic connections to the strobes is what the e-620 setup gives you. And better glass, much better.
And, of course, you can add the fine 50mm Olympus lens and a port for true 1:1 macro or the 7/14 glass with dome for true wide-angle if you really want to graduate to the ultra-selective world of single purpose dSLR shooting.
FYI, you also get a viewfinder with the e-620. You will find this necessary for true macro shooting. My wife started with a 5050 and then to an e-330 and didn't use the viewfinder preferring the liveview. With the E-620 she discovered the viewfinder and her macro shots improved immensely.
And, yes it is heavier than the PEN setup but not much larger underwater.
My advice is to use the G-11 until you can make the jump.
Tom
PS: I have a D-300 in a metal housing and I well recognize the quality. However, Olympus housings are a quality product.
PPS: To see semi wide shots from this rig (and a couple of macro) visit:
http://www.tomandginnie.com/Wakatobi-It...he%20Reefs.html