If you have a chance to rent the camera and housing first, do so. I was tossing the idea around of getting this since it is so portable and would have a back up.
I used one (earlier version of camera from Sanyo and the applicable housing) about 8 months ago (rental) To say it was a massive dissapointment was an understatement. Perhaps the new camera is better, or perhaps the camera I used was set up improperly (I did not set it up, you know how rentals go
) But everything I shot was useless, it seemed the red filter was ignored and the MPEG-4 compression was VERY obvious.
That being said, if I have a chance to try one of these again I will, because it could be so cool