Hi Johann
Ok, macro lens adapters with the S5IS: I think these will work. Inon’s macro adapter is designed to allow the camera to focus closer to the lens, so you can get closer to your subject and therefore get the subject larger in the image. Inon recommend that you use the telephoto setting of the lens. Normally this would limit how close the camera would be able to focus (most camera’s macro modes work at the wide end of the lens, not the telephoto). I assume you would not put the camera in macro mode if using an adapter such as Inon’s.
That the telephoto end of the lens is used is advantageous in the situation of the S5IS, because the camera’s lens will be closer to the housing port and adapter glass, so vignetting will be reduced or eliminated, but you will still get close up for the shot. However, at the telephoto end of the zoom, the focal depth available is more limited than at the wide end. This means that it is harder to get the subject in focus, and that it is difficult or even not possible to get both the near parts and far parts of the subject in focus simultaneously.
You will almost certainly need a strobe when shooting macro with an adapater, because the housing will be so close to the subject that the port and adapter tend to block the camera’s flash from reaching the subject, or you end up with a big dark patch over part of the image. An external strobe can be placed to fire past the front of the port and adapter, and thus avoid this shadowing effect.
As regards your choice of strobe, your budget will obviously play a part, although there is a minimum price of entry that is pretty much unavoidable. Once you are above that threshold, the sky is the limit! What will probably be the biggest factor limiting your choice of strobe will be what housing you have, and whether it has circuitry to convert the camera’s TTL signals.
Assuming an ikelite housing with bulkhead becomes available, and that it has TTL conversion circuitry, you would need to get an Ikelite strobe for the TTL to work. Other strobes can be connected instead, but you will not get TTL - the strobe and camera will need to be set manually - only the synchronisation of the strobe flash and camera taking the shot will happen.
I don’t know what other housings might be made for the S5IS, but I would imagine that each housing manufaturer would tend to advantage their own strobes rather than competitors! If Canon release a housing for the S5IS, I would be very surprised if it had a bulkhead for hot shoe connection. You may find that your decision gets limited to Ikelite housing / Ikelite strobe if you want TTL.
One other thing, and please forgive me if this is obvious to you and I needn’t have mentioned it: it probably makes sense to start out with your chosen camera and housing, and see what results you get with just that. If you find you want more illumination, then a strobe is the way to go. If you have chosen a housing with bulkhead, then TTL controlled strobe is very likely possible. You will get to find out whether the camera does satisfactory macro for your needs, and if not whether lighting is a problem (solution - strobe!) and/or whether the problem is not being able to focus close enough (in which case, macro adapter!).
Good luck!
Graham