I agree with RTR. My rig underwater is almost as neutral as my P&S rig was. Top side it does weigh a ton. Cost wise I paid about $1000 more for camera and housing for the DSLR than I would have a top end P&S. So it really was a natural thing to do.
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Be a bit careful about buying from 'Trusted Dealer'. They like to try to give a high pressure sales pitch on accessories and extended warranties. I dodged most of it by telling the saleperson that this a back up camera that I was planning to take underwater. The pricing also jumps around a lot. I initially found the camera via a web link to their site, refurbished for $199. I brought it and the next day, the price jumped to $299. Since I already had an invoice, I insisted on them honoring their previously listed price. I did get the camera but they dragged their feet a bit and also tried for the high pressure accessory/ext warranty sales pitch. The camera appears to be fine but I doubt that I'd go back to their site.
Why has Olympus forsaken the underwater P&S community and taken one or our greatest joys? I remember the day when a SP-350 could be obtained for $225 by the bushel (sigh).
Maybe a better question is why not release an improved SP-350 type of camera that is waterproof to 10 ft without a case so that when the case floods it won't automatically ruin the camera?
Pictures from Roatan were taken with SP-350.