I bought myself the Picsio and an Ikelite housing for Christmas. With kids now, buying myself presents is the only way I can make sure I get what I want!
Anyways, I haven't dove with it yet, but will next week in Maui. I can tell you what I think so far- The camera if VERY small and lightweight. HD footage looks great outside where there is a lot of light. Inside or in low light situations it starts looking pretty grainy. The camera doesn't really have a menu, so you can't manually set white balance. It's really inexpensive so I guess you can't ask for too much. I'm excited to see what it looks like underwater.
The Ikelite housing is pretty nice, typical Ikelite quality. However, it does seem really large compared to the size of the camera. Seems like a lot of wasted space. I think they probably use this same housing for a lot of different cameras. The blue water filter that came with the camera was really loose around the lens when I got it. I emailed Ikelite about it and found out that they had a manufacturing tolerance problem. They immediately sent me a band to temporarily fix the problem and say they will send me a new filter at the end of the month. Again, these are just my initial observations without having dove with it yet.
Hope this helps
-Chris