Nothing has changed with respect to this camera since it came out. So the older reviews are still valid. The LCD-panel is still dim and that is the main drawback of this camera. The only real way around this at the moment is a focussing light with sufficient power. What I am doing is just point the camera in the right direction and take the shot relying on the auto focus. Autofocus does a good job.
I am using this camera since the beginning of November last year in the setup you are considering. I have taken about 2000 pictures with it (living in a tropical paradise has its advantages). I have one other remark and that is that the number of pixels in a point and shoot camera is not comparable with the same number of DSLR-cameras. A DSLR is using a large ship which gives a better picture quality than a point and shoot with the same or higher number of pixels. In shots with a dimly lit background this translates in noise, very fine, but visible grain in the picture unless you shoot at the lowest ISO that the circumstances allow.
Where the camera is great, apart from macro, is in wide angle shots with visible light in RAW-mode even under low-light conditions. RAW-mode allows you to correct the white balance easily and also allows you to correct for (limited) underexposure.
Would I buy the camera again: no; I would go for a DSLR in an underwater house. That doesn't sove the dark LCD-panel, because with most DSLR's you can use the LCD only after the shot, but I expect a better quality. Let me be clear, I am not unhappy with this camera! The package is smaller than a housed DSLR and the price is certainly lower. I consider this a good camera for the future transition to the DSLR in an underwater house.
You can see lots of pictures taken with this camera at my picasa website at
Picasa Web Albums - John. The most recent ones (Daaibooi) were shot at ISO 80 and I am very pleased with these. The noise is considerably less than in the others. Normally I work at ISO 200 except for the pictures at the Mediator; these are shot at ISO 800 max.