G'day Greg,
Yes the 80 is degrees. I say that i wouldn't go down in size is because i have started with the 110 degree lens so to go down in size would make me unhappy i think. If i had started with a smaller version then i wouldn't know any different.
I think 80 degrees would be a minimum i would want for video so don't let that stop you. To be honest, sometimes the 110 degree lens is to wide & i wish in certain instances i had swapped to the standard lens which is around 60 degrees i think. So 80 degrees is a big improvement.
The lens are not wet lenses. They are fitted to the housing by a latch & twist lock. Same as the diopters, they are fitted inside the housing. The housings have a flip fitting for the red filter inside the housing & some people put diopters inside there instead of the red filter.
So no you can't change the lens underwater but of course you can zoom in & out for macro & wide angle.
As for a 1 or 2 button white balance, it is not really going to make a huge difference i don't think. Mine is 4 buttons to get to the menu but i just accept that is the way it is. It is really no big deal at the end of the day. Having access to it on the handle is SO MUCH BETTER than having to scroll through the menus!
I believe the problem with the sony cameras is that they don't display the menu or something along those lines.
Your best bet is to go to a camera shop & have a play with the camera. What you see on youtube or vimeo is quite compressed so don't judge on that alone, take one for a test drive.
Here is a link to my vimeo page http://vimeo.com/user8157547/videos
As i said these sites really do compress the quality. Keep in mind that they are only HD, not full HD. I see the difference when i upload the videos from watching the original footage on my computer. Big difference.
For your budget, i think this setup is spot on if you are happy with the quality of the camera.
The other bit of advice is to buy the tripod bracket as well & grab a small tripod. I have recently purchased a gorrilla grip & for macro work it is great. You can set the camera up & hit record & swim away if you are trying to shoot some shy fish etc.
Worth its weight in gold really.
Hope that helps you.
Cheers Pete.
Ask any other questions you like.
Oh by the way. I edit with sony vegas pro 10. I havn't used any other editting programs so i can't compare but i find it pretty easy to use now. It has pretty good colour tools.