what setup you want really depends on how serious you want to get with U.W. photography.
it can get really really $ when you start to add things up. im a tight arse, so my rig is cobbled together mix mash of on clearance / used and horse traded items.
Olympus is pretty much the only manufacturer that pairs housings and camera's (not a good or a bad thing).
for others like Canon or Sony, you'll have an aftermarket housing from Nauticam or Recsea.
i'd avoid UW specific cameras like Sealife or camera's that state they are "waterproof" to 30'.
Get something you are comfortable using above and below water.
if you are not going to use strobes, i'd also suggest getting a camera that you can manually adjust the white balance so you don't end up with "blue" pics....dont rely on the under water "fishie" settings.
also one that shoots RAW format so you can do a bit of post editing, need be.
There's three levels of "seriousness", with increments of $
1- point and shoot variants, fixed lens Canon S110, Oly XZ-1/2
2- micro 4/3rds camera Olympus Pen Series/Sony RX
2- full DSLR
you can get excellent pics from a point and shoot. dont ever discount the performance of these camera's....in the right hands, a very capable option.
i would highly suggest you consider a camera similar to the in the link that peter hall provided for the EPM-1 bundle which will allow you to purchase a variety of lenses to use above and below the water, shoot 1080 video etc.
it was a much better deal @ $499, still not a bad deal at $699, but might be worth it to look around to see if you can get a better elsewhere.
here's one for $550 on scubaboard.com, unused.
http://www.scubaboard.com/forums/cl...p06-housing-all-still-nib;-$550-shipping.html
here's an EPL-2 housing for $225. you could pick up a camera/lens for $300 new @ Amazon bringing your total to $525..money left over for strobes
http://www.scubaboard.com/forums/cl...ousing-epl-2-ptep03-14-42-micro-4-3-lens.html
i shoot an EPL-1 (was on sale for $399) and can produce excellent photo's. i have a 17 mm, 14-42 mm, 40-150 mm, and a 60 mm macro lens to use as an everyday camera.
the 14-42 mm and the 60 mm can be used in the standard Oly U.W. housing.
the 4/3rds cameras are also easy to travel with. ive dragged my rig all over the world, fits in my carry on back pack nicely (camera/UW housing/2 strobes/tray and arms/ focus light, dive gear and more).
if you are going to get serious, i would suggest you get a strobe.
There's "newer", more high end setups out there, but you would have to budget into the thousands for a complete setup.
good luck!!