OP -- Why set on the Canon line? There are other options, including EVIL cameras that might provide you with a better fit -- sort of half-way between the S95 point-n-shoot and a DSLR.
Nemrod -- what do you think -- E-Pl1 with a macro lens/dome port or the S95 in a Fix housing with wet lens?
Peter, hello, I am certainly more than a little impressed with the Oly outfit since handling one for real in GC. My only concern now, and it applies to fisheye/wild angle fans like myself, the Oly ELP-1 has a max DFOV even with the beautiful Zen dome of about 100 degrees DFOV vs 165 degrees DFOV with the FIX90 and UWL-04. That is a deal killer for me, but, not for others, certainly true. For macro and portraits, head and shoulder shots, the Oly has the S90 beat considerably IMO.
Huuse0054, "best" is a relative term, especially in underwater photography, best entails about 12,000 dollars USA. Essentially there is no such thing as best, digital cameras evolve on a 6 month cycle, best today, is yesterday's old junk in a few months, sorry, that is just fact.
When purchasing an underwater camera rig, take a system approach, consider what your interests are, such as macro, general shots, wide angle action shots (me) etc and then consider what camera system gets you as close to that at a price point you can afford. The FIX90 rig I have cost me 4,000 dollars including strobes, trays, lenses, cables, two cameras and the housing and accessories, for me, right now and even next year and the next, it is the BEST, beyond that I am hoping for the new Canon mini dSLR.
And then two dogs attacked me and knocked me off my bicycle and broke my femur and I cannot dive anymore for 6 months or more, now have canceled two trips I had planned and bought tickets for, and my 4,000 dollars camera rig sits there looking at me
. Life is like a box of chocolates, you just never know --------. Be happy today, tomorrow is for the gods to decide, fate is the hunter.
Best is a bad concept
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James