Considering, that this will be your first UW setup, I completely understand that you are conservative on spending. I am also beginner underwater but
have more than a decade semipro shooting experience topside and just recently got an EPL5 as second body.
Before decided to move the EPL5 underwater, I made sure the image quality meets my needs. (OTOH, I was sure, compacts are not my cup of tea)
Then coming the rest. Ergonomy, weight, size, etc. At the end, I wanted a cost-efficient answer, which ruled the OMD out
(OMD underwater - body & housing+semidome: 2700$, EPL5 - same package - 1700$)
As for IQ, the E-PL5 wins, hands down. This is THE camera that beats - or at least matches - the nikon D90 and Canon 600D in IQ. As Headers mentioned, great AF.
Other than the 5-axis IS, it shares guts with the 2x more expensive OM-D.
The sealife is only a 1/2.33" compact, and
it doesn't shoot raw. (might be an issue if the exposure or white balance is not spot on).
Notwithstanding, I'd take the sealife any day as a pocket/clip-on camera for snorkelling!
Sounds like it's worth the additional $ for the Oly. Thanks.
Every penny