Scuba.Pete:
I read your entry on scubadiverinfo.com about the tahoe dive and I wondered how the 770 fared at that depth. Now I know.
Yes, I pushed it a little too far. Mine was a preproduction model and thus perhaps not quite as well sealed as the final production model. I took it down to 67 feet at Catfish Sink at Manatee Springs State Park in Florida. There I noticed that water pressure pushes in some of the buttons so that below 40 or 50 feet, not all of them function anymore. Other than that it was fine with the exception of a tiny, tiny pearl of water inside the battery compartment. No other flooding occurred. We took a production 770 to 77 feet in a quarry and that one never had a problem with buttons at all. The LCD glass gets pushed in a bit so that part of the display temporarily goes black, but that goes away as you ascend.
At Tahoe I hadn't planned on going deeper than 50 or 60 feet and thus took the 770 along. But the scenery was so breathtaking and the viz so incredible (100+) that I just plain forgot, and at around 90 the 770 flooded. I felt really stupid. I mean, I review cameras and often push them, but I never willfully nuke them.
The SD Card, btw, didn't get destroyed and showed the 770's demise, with the final pics showing the water encroaching on the LCD. I took it apart (I had fully resurrected a flooded Pentax W10 that way). The 770 with its folded zoom is VERY complex inside. I inspected and dried every single part and reassembled it, but to no avail.
Moral of the story is, in my opinion, this: a camera rated 5 or ten feet is used for snorkeling; divers don't take it down. One rated for 33 feet is a different story; divers will take it with, and so it is much more likely to be taken deep. Based on experience, I'd say the engineering safety factor with the 770 is about 2x, i.e. you can take it to about 66 feet or so without much risk. But still, my guess is that some have flooded. So Olympus may well go back to shallower ratings. Which would be understandable. However, I must say that even with a housing, I really like a camera that can take some water and won't just die when exposed to a housing leak.
Incidentally, I often pontificate on my experiences with different cameras in my blog at scubadiverinfo.com.