Olympus Stylus 770 SW any recommendations?

Anyone try the Olympus Stylus 770 SW with the PT-035 Underwater Housing?

I'm looking for a "reasonably priced" underwater digital camera/housing solution. At a little over US$630 (with 1GB memory, card reader, UW housing, bag and protective skin) it looks like a good deal. Does anyone have any good/bad experience with this model?

Also, I understand that it's a slight improvement over the prior model the 720 SW, so if anyone had experience with that model I'd like to hear your comments as well.

(Cross posted to Diving & Snorkeling thread).

Thanks,
OF