I'm in a quandry. I recently sold my d/rebel, planning to upgrade to an XT, until I realized how much smaller than the Rebel Canon had made it. Instead, I bought a20d (spending a lot more than I had planned) and now I am torn between getting a U/W setup for it or settling for a lesser point and shoot setup. A lot of the money I had budgeted for a U/W kit , I spent on the pricier Eos 20d, and I about choke when I tally up the cost of a hosusing and strobe, etc. for the dslr.
My questions are 1) Will I be satisfied with a P+S of say 5mp or better for underwater?Or should I save up to buy a housing for my 20d? I know without a doubt that above water I want the flexibility and control of an slr, but is that as important underwater where (from what i have seen) most shots are relatively close with as much DOF as possible.
Secondly, if going with a P+S , what inexpensive models/brands do you reccomend?

Lastly, if going with the 20d, what brand housings and strobes would be best, and best for the money??

Thank you in advance to all who can give me some input and advice. Roy

I had the exact same dilemna as you. It made me sick to think how much it would cost to house my 20D and get a strobe, etc. But, I finally did it and I'm soooo glad I did. You WILL NOT believe the difference between a P&S and the 20D. I got the Ikelite housing and DS125 strobe with ULCS arm.

IMO, there literally is no comparison between P&S and DSLR underwater. The speed of the DSLR camera and strobe are unbelievable. The results can be stunning. I got some pretty decent shots with my P&S but it took thousands of photos to do it. I had so many amazing shots just during the first couple dives with my housed 20D that I simply couldn't believe the difference. And, I didn't even know what I was doing with that new gear during those first couple dives.

Take a look at this topic for more on dSLR versus point and shoot (especially image quality):

http://wetpixel.com/forums/index.php?showtopic=10876

Luiz