I've done fair amount of research and as always, it comes back to buying what suits your *needs* and getting the most bang for your buck.
One day I may (although this is only a slight possiblity) go the DSLR route. Obviosly cost is part of the equation, so to is how often will you be doing UW stuff. For me at best it's going to represent a very small percentage..Probably less than 5% or 10%. That makes it tough to "justify" the expense.
Two:
Conditions. The waters I fish simply arent clear enough. I suppose if more streams and lakes were clear than it might become more of my work, which then makes the cost less an issue but the fact is even the streams I fish aren't particularily clear.
Strobes:
Depending on the stypes of shots your thinking about they are more an issue. Regardless it's probably a good idea to plan on getting one. What should change then is where it stands in your priorities. High or low
WA ports.
See Strobes. Worth getting one, just adjust where it stands in the acquisition priority.
Size and Bulk.
UW housings are huge and for me the number reason why I will (in all likely hood never go the DSLR route).
I just packed my bag for what I want to have with me for the next 3 or 4 weeks Steelheading.
1DMKIIn paired with the 24-70 f2.8
1DMKIV paired with the 85 f1.2
180 f3.5 macro
Tubes for use with the 180 and 85
spare battery for each body
40gig in cards
Flash/Flash Bracket/spare batteries
Filters.
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You dont want to know how much it weighs and thats a "light" load missing by tripod and some other glass. Not shown is the camera I took the shot with. A Canon S90, and it's UW housing.
I was going to go for the G11 until I realsied its size and bulk when housed in an Ikelite housing. So the S90 which is about half the size, has a brighter lens, less shutter lag ( its remarkably good for a PnS) was more to my needs..In time I expect to outfit entirely with FIX housing, WA port and strobe.
Heres another good site and actually a good write up.
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DSLRs are great, but often over kill in many respects.
Last year I wanted to get a taste, try to figure out how I was going to approach bringing some UW stuff into what I shoot so I jsut bought a Fuji F200 and its propeitary housing.
Sold 3 images taken from it including this half/half published as a double truck
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Start with
where do you shoot most often and what are water condtions like?
Clear vs Murkey
Green water prone to algae blooms etc?
How big a unit do you want to lug around?
How often will you be using whatever it is you get?
Can you use what you get one handed?
etc,
etc