After trying a Nikon 990 when it first came out I was totally turned off to digital cameras; coming from a SLR base (Minolta for 20 yrs, the last 10 with Nikon, as well as a Pentax 6X7 MF slr) I couldn't stand the shutterlag as well as the lack of resolution to get a shot up to my quality standards. After picking up my Fuji S2 in March , (actually a step down in bodies from my N90s) I have shot 6 frames of Provia and that just to finish the roll off to get it developed. In the mean time, I'm at 2000+ shots w/ the Fuji both above and below water in 8 1/2 months. That would have cost ~ $890 worth of film and proccessing, not counting my time to scan them afterwards. The absolutely total lack of grain from the Fuji lets you make enlargements equal or better than 35mm film. I've been having a blast with my Canon 9900 printing 13X19's that are better than anything I have scanned from 35mm. At that scaling, the grain in the film , and this is Provia mind you, gets in the way of it's slightly higher "Technical" resolution so when you actually look side by side with a 35 film vs. a DSLR print, the digital print "looks" sharper.
You still could get a housing for your film cam and skip the cost of having to buy a new camera, housing, etc. A major part of good U/W photography is being familiar with your camera. If this is something you are only going to take out a couple times a year, the menu's and settings and buttons are going to take up more time (air) for you to remember vs. a camera you know like the back of your hand. Just something else to think about.
The downside is, that a SLR housed rig is HUGGGE !!!!. I often times envy the people with their Oly's w/ their Pt ... housings hanging off there wrists while I have this massive robotic contraption to deal with. Also, when you choose a lens w/ a SLR you're stuck with it for the duration of the dive. If you decide to shoot macro with your 105mm you're going to see a Whale shark. If you're going W/A you're going to find the Jawfish mouthing it's eggs. Zooms can only work in the "middle ground".
Choices,choices; but in any event don't go w/ the S&S if you decide to go the P&S route. Get a good 5-6 MP consumer digicam and a housing for it.