i am also thinking of getting a S5000 to replace my lumix.
i think u shld see reviews at dcreview.com and steve's
digicam-something.anyway i dont think it's a D-SLR. just a digital
cam with manual override. anyway what housing u talking abt ?
from what i know, the sample pictures taken by the reviewer for
dcreview had loads of purple fringing, digital noise and the pics
are not sharp.my friend said " it is that the reviewer lousy?" i
havent got the time to ask him what he meant by that.
1 thing though, it uses a relatively-new card, xD card. which is
rather expensive.
preliminary i think u shld get the c730.at least there are a
variety of lens for the camera readily. wide-angle, tele, macro
lens. plus if i am not wrong,they can accept both AA batt and
olympus-made lithium ion batt.
underwater housing, if u can get acrylic, then make yr own case
lah. test for water-proofing by filling it up with water.?