Having spent a decade with an n90s underwater, and now several years with a canon G2 digi, there are a few more points, that might be added to your excellent article, James.
Back in the 90's, the big thing for underwater, if you could afford it, was to get a camera with an action finder, (F100, or F4), and house that. Big bucks.
The tiny view you get, with the optics in an underwater housing, and a normal SLR viewfinder, is usable, but not great. Lots of squishing mask against back of housing...
To me, one of the great things about the prosumer digicams is composing on the LCD. This is a big win. Not just a small difference.
The fact that most of the digicam manufacturers put in crippled Autofocus systems is a big loss.
But the latest sony's kick butt in this regard - DSC-F717, DSC-V1, and now the DSC-F828. The LCD responsiveness is also good. Sony's digital video heritage is making them a big winner in this regard.
The image quality of a 4 or 5 megapixel consumer digi, is certainly sufficient for web work, or photo albums, or 8x10, maybe even 11x14 prints.
How many of us need or want larger than that? What good is "better image quality", when the cruft in the water almost always prevails?
The other huge advantage of the digicam, is weight. I'd struggle to get my photo gear alone, (housing, 2-3 ports, 2-4 strobes, batteries, chargers, arms, tools), in under the 75 lbs airline limit. Now they've reduced the limits to 50 lbs...
I'd also think you underestimated the price difference, since no one with an SLR is going to be happy without a macro lens, which requires another port... The oly 5060 or the nikon digicams do a fair job of macro, straight up.
What do you think?
Don