I worked for one of the original reefmaster dealers. The reefmaster is a basically a mass market type product designed to allow the retailer to make a reasonable retail profit. Over all, underwater camera systems are not good profit makers. Regarding Sealife, they do a good job merchandising it and the company was quite good about dealing with returns.
Anyway, As stated previously in this thread, you will get much more for for money by buying the camera separately and then get a housing from another company that makes housings for that camera.
One note, before you buy a camera with the intention of taking underwater, do your homework on available housings first. Sony, Olympus,and Nikon are the most common brands that underwater housings are available for, But housings are not available for ALL models. Ikelite may be able to make a custom housing for other makes, but such a housing may be more costly.