Whether there's a quantum leap between say a D70 and the SLR/n is mostly going to depend on how you're using your images. For the average UW photog, who doesn't print more than 8x10, I'd guess you probably won't see much of a difference between the two based on MP alone. There might be some differences in very finely detailed scenes, but I'm not sure you'd see the difference at normal print sizes. On the other hand, if you were to want the absolute best resolution for larger prints (16x10 or greater) or in a commercial situation where a client wants / needs a minimum file size, then you'd probably see a difference.
Dynamic Range, which is supposed to be around 10 stops for the SLR/n would have a greater effect on the image in certain circumstances.
To the point above about cheap glass versus expensive glass, and whether water makes a difference. I can say with some confidence that a cheap lens that produces soft images topside is going to do the same UW, I've personally seen that. That being said, I don't know what effect water has on the overal image quality of a better lens.
Assuming you pick the same lenses, strobes, and ports for use with either a D70, S2 Pro, or SLR/n, the total cost difference for the system would probably be reasonably close to the difference in cost between the camera bodies give or take a little. So from a D70 to an SLR/n, you're looking at what, $3000+ difference? That's a big difference when buying a full system. ReefRoamer's point about the eye behind the system being more important might be worth some consideration...
I will say once again that I envy the Nikon shooters at this point, especially since Aquatica will have a relatively inexpensive housing for the SLR/n, and the Canon 1D series has nothing even close in price...
Just my $0.02 as always.
Tom