I just upgraded to a Canon Digital Rebel in an Aquatica housing. I posted a few of those shots on this board. It's a nicer rig, but it had better be for 6x the price.
I've noticed some of the problems I've seen on this camera -- JPEG compression on the outside border of the photo, purple fringing distortion, soft focus on the outside of the image, etc. -- on many Olympus shots I've seen. I've gotten to where I can tell Oly shots before I even look at someone's signature. Compare the weird focus in the bottom right corner of my Horn Shark photo to the bottom right corner of Gilligan's latest Surgeonfish he just posted:
http://kayakdiver.com/forum/slideshow/092204/01.htm
The image quality is crisper on his photo, due to a higher megapixel rating, but the lens quality seems to be about the same. (I think Gilligan is one of the best photographers on this board, I'm using that image as an example of Oly lenses.) Now compare that to the soft depth of field I get with the Digital Rebel:
I'm not trying to start a Oly flame war, but I think that Reefmaster are a comparable quality camera for the money. I think the new 3mp version is a great buy.
(Oh no, I've angered the Oly fans. I'm finished on this board...)