From Friscuba, in previous, "which Oly camera is best for a newbie" thread (page 2)
"This camera has much better focus response than my old d-40, and might be comparable or a hair better than the 8080. My wife just picked up a Canon A620 and with 3 dives has yet to take one photo that can match the focus and exposure of any of 18 of the 24 (6 or so weren't usable) shots I took with the camera on my very first 20 minute quickie dive with the sp-350. To be fair, I have a bunch more experience with the Oly line than she has with the Canon line so I'm not having to learn menu settings. The factory set Oly "underwater macro" setting seems to do very well though."
Personally, I haven't used other cameras underwater, so I have no point of comparison. This camera got dissed by the topside photo press for its comparative performance against similar models, but I've had really good results with it, and heard very little but praise and seen excellent pictures from other owners. Check the VERY long SP-350 thread for lots of details, and shots by a variety of people. I've got some current shots in my "Diving Monterey, July 1" thread. And if they ever get the Gallery working again, all my shots there are with the SP. Take note that I'm a rookie. Since I got the camera for X-mas this year, these are the only UW pictures I've ever taken.