I use AE. If you have a specific video task and the time to make repeated dives and adjustments, you can probably do better than Auto, but during a typical dive with varying depths and lighting, how will you compensate?
White balance is not adjustable with the WP-V1. I like the idea of turning off then back on pointed at a white slate, that is if it will hold the setting for the duration of the shot. I'll have to give this one a try.
Lights are good at close range but rapidly lose effectiveness with distance. What type of shooting will you be doing?
For shooting in natural light, filters are a tradeoff. Any filter placed between the subject and the lens will reduce the available light. At depth with the HF20/200, you want all the light you can get. The UW mode is fine for shallow shots, and adds about half (or less) of the red correction needed for darker shots. You can add the rest in editing.
No low cost camcorder sees colors the way you do. Getting a nice steady shot is only the beginning. Being a good editor is just as important. I'm still lousy at it. Posting a video that was made by just cutting and stringing clips is like going to the store in a bathrobe, with hair disheveled and needing a shave.
