correct, the two chipset from Honeywell and Analog devices are the best at this time for this kind of application,
the prices are still high today, : the Honeywell Magnetometer is in the range of 120$ for low volume, and the Accelerometer + the Gyro in one chip from Analog is in the range of 250$ for low volume
add to that a nice CPU like the ARM7, in the range of 40$ for low volume, and an LCD 3-4" a Nokia one at 60$
you see for a nice prototype, I'm not far from the 500$ as a HW BOM only.
of course there is other chipset very cheap like the freescale one.
but i'm a diver my self, and if today we are not that using the scuba scooters that much , it's because the anxiety of not finding our way back.
and for such a way of diving, high speed diving I may say the choice for very accurate sensors is really the first priority to avoid any accumulation of the drift over the time.
anyway, I will consider this topic 6 months from now, I'm more busy by integrating the Kalman filter at this time.
kacem