Hi Therion,
here are my two cents...
I started 2016 and decided for MFT, like Chris, Interceptor, Nudibranco and Troporobo (now I am with EM1MII, but not much difference to EM5II except AF). There is a lot in favour of MFT and I am very excited about it - but I am not shure yet if this will remain my last system:
i.: relatively low weight and size
ii.: plenty of good lens available for UW (including adapted ones with metabones adapter)
iii.: lower price compared to APS-C and (mostly) FF - although I must say the real gap in price and size/weight is between compact and MFT. MFT systems with a lot of options (lenses and dome ports) are nor so far away from FF regarding price and size/weigth.
iv.: I think that image quality is very good - but I must say I have no own experience in comparing MFT to larger sensor formats (although the Internet is jam-packed with "comparisons" and "bench marks" I could not find so far a real comparison that does give me a real impression what I loose when using MFT instead of FF): I can only directly compare IQ to my wife's previous UW photos with compact (Lumix TZ5) and say IQ is substantially better - I guess in comparison to TG-5 it is similar. My subjective impression from viewing UW photos in the internet is that there is a gradual increase in IQ from compact (small sensor) => compact (1" sensor) => MFT => FF, the increments in IQ improvements roughly the identical as these steps are listed (and APS-C inbetween MFT and FF). I myself judge IQ mostly by sharpness, dynamic range (important upon prost-processing) and colour brilliance - but all of these criteria are mostly influenced by photograpgic skills, so no guarantee that more expensive system gives better quality...
So anyhow the IQ improvement will be substantial when upgrading from TG-5 to MFT (or even larger sensor)...
Here some example images from my last dive trip to Egypt, from (approx.) 1:1 macro to WW plus 2* S&S YS-D2 flashes to WW ambient light to circular FE with EM1II in Nauticam housing with appropriate lenses and ports:





Wolfgang