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At F/4.5 at the tele end, the autofocus will not be that good. It'll be a challenge to use as a macro lens. At the wide end a dome will be required. I can't see recommending this for underwater use.
Neither of the limitations you mention are any different than the lenses found on compact digital cameras like the Canon S70, Olympus C7070, etc. Lots of people use them w/ their limited telephoto max-aperture, and behind flat ports. I know of pro shooters who use 24mm and 28mm full frame lenses behind flat ports, tolerating the loss of image quality for a different perspective.
I agree w/ Julian. I don't expect I'll buy this, but it is more attractive to me than either a 17-40L from Canon or 17-55dx from Nikon due to close focusing ability.