The Nikon D70 is best compared against the Canon Digital Rebel.
These cameras are very similur and both are great.
For those without Canon or Nikon glass you should consider the differences and determine which features are most important to you. If you already have one system, stick with it and buy the appropriate body.
Canon Drebel has:
ISO 100--lower overall noise
a bit less expensive
Kit lens focuses very close
Better-looking in-camera auto mode pictures
Better availability now of housings/sooner availability of TTL circuitry
ability to use vertical grip (not applicable underwater)
Nikon D70 has:
Nicer look/feel and body handling (subjective but my opinion)
Faster frame rate 3FPS (Ikelite DS125s will keep up at up to half power)
Instant startup
Nikon lens system with more WA options
Better quality kit lens with wider focal length
Smaller raw file size, also ability to take raw + jpg
Faster flash sync speed 1/500 but with non-TTL DSs125s 1/8000
lower visible noise at high ISO
More flexability of exposure control and the ability to get better looking pictures with higher overall detail for those who know the right settings to use and when to use them, and have the postprocessing skills/tools to obtain it.
Slight tendancy toward moire--a concequence of higher overal sharpness
The D100 and S2pro are similur to the D70 in that they all use the same lens system and have the same number of actual megapixels with the same size sensor, but they aren't really in the same class as they cost about 1.5-2x as much and have been out for about two years already.
The D100 has:
Professional metal body build for better ruggedness
Better viewfinder
Only uncompressed raw file type is practical
Slower frame rate
outmoded flash system Nikon has moved on to iTTL
heavier body
ability to use vertical grip (not underwater)
More expensive
The S2pro has:
The only real TTL system without a preflash 
Lowest overall noise ISO-100
Professional quality metal body
Better viewfinder
Also Nikon lens system
Interpolated 12 MP sensor (maybe better quality pictures)
Slower frame rate
Large file size
Funky dual battery system with non-rechargable batteries as one component.
Ability to use vertical grip (not underwater)
Much more expensive
Much bigger housing required (at least with Ikelite)
In a perfect world, I'd go with the S2pro. I wouldn't care about the extra cost, and cost of more memory storage and I would have porters to carry my system around in a giant perlican case. I chose the D70 because I think it gives some distinct advantages with much less cost. But it gives up some advantages too.
You can't go wrong with any one of these cameras and the skill that you use in capturing your pictures vastly outweighs your camera system. I know I have much to learn in that department--which is why I come to this forum.