I know, I know.....nobody has even taken a D200 underwater yet and here we go with a new round of rumor, speculation and forum discussion ....and I'm as guilty as anyone. But I'm not sure I'm overly excited by the D200 and the D2X is a little bit too expensive for me.
I was hoping that the D200 sensor would be revolutionary - the next generation LBCAST that Nikon supposedly couldn't get done in time to make it into the D2X - but it didn't happen. What I want is dynamic range and I'm just not convinced that the latest models are going to give me substantially better images than I'm presently getting with my S2. I may sit this round out and see what the rest of 2006 brings.

Everything I've read indicates that the S3 has much better dynamic range than the S2. The challenge is finding a housing. The S4, when it shows up will have the same housing issue.

As far as Nikon goes, they're still having their hands full with shipping the D200 and working out the banding problems. The D3h will probably target the > 8 frames per second sports market to compete with the 1DmkII. That does not mean it won't have great dynamic range, but it's probably not Nikon's top priority for that camera.

I don't think there was much interest in the the S3 from housing manufacturers because the camera was just not that well received. It just wasn't considered to be much of an improvement over the S2 to justify the upgrade. The S4.....we'll see.
As for the D3H, we'll just have to wait and see as well but in any case there won't be any Canon's in my future

Right now they're both vaporware. I'll believe them when I see them.

I'm a firm believer in waiting 6 months (to buy) after the introduction date, anyway.

All the best, Jaes

I've not yet laid my hands on a D200 - I still milk my F100 for hiking and cycling when I need to travel light. In regards to the D2x, though, the measure dynamic range may not be much more than your S2, but the camera is FAR more resistant to blooming highlights. It is my understanding that the D200 excels here as well.

Beyond the chip, the advances in these cameras are revolutionary in contrast to your S2. AF, viewfinder, body handling, menus, etc. In my opinion these aspects are every bit as important as the differences in the final image because they impact my enjoyment of the experience!

Kasey,
I own a D2H for topside shooting so I'm no stranger to the advantages of CAM2000, etc. However, IMO the weak link is still the sensor. I had reason recently to review some of my not-so-old wide-angles shot on film and I was reminded that digital is still not quite there yet. Certainly in terms of resolution the newer cameras are every bit as good as film but it's the nuances of color and subtle gradations of tone that I still find lacking and I'm not sure that the D2X/D200 are substantially better than the S2 in that respect.
Today's digital cameras are great but I'm sure they'll be even better in the not too distant future. Hence my reluctance to jump at as each new generation is introduced. On the other hand, if Nikon comes out with some new glass like a AFS 105 macro or a fixed focal-length wide 2.8 DX in the 9-16mm range I'll be the first in line