Jlyle's post basically sums up my reasoning as well.
Where I dive, I have a dedicated macro heaven (Blue Heron Bridge), and wide-angle scenic shooting on the reefs of the Keys and the Bahamas. For these, the 60 macro and 7-14 wide are the top choice. However, there are reefs and wrecks in Palm Beach County where, in the space of an hour, I can encounter scenic shots such as wrecks, coral and sponges, large fish such as goliath grouper, turtles and sharks (often on the same dive), tropicals such as angelfish for portraits, and macro stuff such as jawfish, cowries, and tiny anemone shrimp. For these dives, the 12-50 is just way ahead of anything else. It is wide enough for the big fish and some scenics, excellent for fish portraits, and the macro is in a class by itself for an all around zoom. Also has power zoom for nice video. It is a way better choice than the 14-42 (which just cannot compare for macro or video).
As for cost, remember that a port for the 14-42 would run about $400 and maybe $150 for the zoom gear, plus a mandatory diopter (at least $250 for a decent one) for macro (not necessary with 12-50). The cost comes out the same and 12-50 setup has far greater versatility, and it does "double duty" as a port for the 60mm macro, so, only two ports for the whole system.
OOPs, Bull Shark, just saw you are in Ft. Lauderdale. So am I!! maybe we can get together for a dive. I am still waiting for Reef to get my 12-50 port in. They loaned me a port for my 45mm macro in the interim, but I don't have anything for "general" use. Apparently Nauty is very slow in cranking the 12-50s out. I am very much looking forward to it, but there are still about three people ahead of me on the list.
