I used to have a 3.2 meg pixel Sea & Sea camera. Whilst it got reasonable results I found the shutter lag really annoying. It was well over a second then the camera froze for 20 seconds of so whilst it wrote to the card. No idea if the later ones are any better. I have been pretty impressed by the Canon compacts. The Ixus 850 IS from
Canon DIGITAL IXUS 850 IS review cheap prices Canon IXUS 850 IS best buy discount online uk shop looks like a great camera and has a 3cm range for makro. You can get a 40m rated Canon housing or a 60m rated Ikelite housing from Cameras Underwater.
Cameras Underwater: Housings for Canon Ixus 850is: WPDC9 and Ikelite 6147.8