I just signed up, mainly to give my input for the benefit of someone contemplating a purchase. I received my HF200 and WP-V1 just barely in time for my trip to Curacao in late June. I have since used this combo near home at Catalina and will use it in Taveuni in a couple of weeks.
Condensation is not a problem. The case is at least as strong as other polycarbonate cases offered by camera manufacturers. If the case shows signs of impending failure years down the road, no biggie--the camera will be obsolete anyway and the cost for a new case for an updated camera (if one is offered) will probably still be 1/3 the cost for a decent pro type case (Ikelite, etc). The underwater setting gives moderate improvement. My friend's G10 has a way too strong correction on his uw setting. I have not tried a UV pro filter. Post editing with PPro or PEle can easily bring up the colors the rest of the way. Videos shot out of the water with the u/w setting display too much red, as expected. Better to under correct than over. One thing to remember with adding a filter: All filters reduce the amount of available light the camera sees. This may not be a problem if you use lights. I only shoot in natural light.
Although some settings are not available in the case, you can reassign the function of one of the butons to make it available for the task you choose. This may be enough if you set it up correctly before you jump in. I am a simple point and shoot guy. My old eyes can't see the little icons very well underwater anyway. I spend my time squinting at the viewer to make sure the subject is not cut off.
Some mention has been made of using a wide lens. To me, any typical consumer video cam in a case with a flat port is worthless without w/a lens unless you are shooting macro. I use an Epoch because I have one from an Ikelite case I used to use. The w/a lens throws the balance way forward. The handle is located near the back of the case, and this makes it nearly impossible to get steady shots. After Curacao, I was shocked that from about 150 clips, only small parts of about two dozen were acceptable as far as movement is concerned.
I have made modifications that have the camera balanced underwater. At my last outing, NO clips were ruined by unavoidable movement. I have the WW-DC1 weight kit but the tripod mount where it is supposed to sit is too far forward. I made a mount at the rear bottom, and moved the handle as far forward as practical. I added a slightly weighted handle to the left side for a more stable grip.
I have made the lens self priming, something I first tried with the Ikelite, because unscrewing the lens in the water and trying to screw it back on without crossthreading while the dive group fades into the distance is just plain lame and unnecessary.
I have photos of the mods and have posted some of the vids to YouTube. I would be happy to share if there is interest. Some will surely claim "If it ain't broke, don't fix it". That is the complaint of the truly clueless. A better take might be "If you can't take it apart, you don't own it". With the proper mods, this rig cannot be matched by anything anywhere near the price!