Todd....
First of all, I am no expert !! I have spent a lot of time reading these forums to try and learn as much about U.W. digital as possible....probably the same as you.
I am offering my experiences since I am in the been there done that mode regarding the Reefmaster camera.
I used a Reefmaster DC250 and strobe for about 2 years. I was fairly pleased with this setup and was able to take some decent pictures. After looking at some of the amazing images on wetpixel and some other sites, I decided I wanted better pictures and recently upgraded to an Ikelite housed Oly 5060 and DS125 strobe. I have been amazed at the difference.
I have not used the 310, but it probably does a better job than the older 250. The fixed focal length of the Reefmaster can be a problem, and the 'all or nothing' strobe had a tendency to wash out a lot of pictures. A higher quality camera with autofocus makes a big difference, not to mention the ability to control all the other camera functions while underwater as well as the strobe intensity.
Starting out, the Reefmaster would probably serve your needs. However, if you develop a passion for underwater photography, you WILL want to upgrade. Every time you press the shutter, you learn a little bit more.
David