http://www.dpreview....d100/page16.asp
This graphic by Phil Askey of Dpreview.com shows a comparison of noise results between the D100, the S2, and the D60 - when shooting JPEG:

(Hopefully Phil Askey will allow linking to graphics on his site. If not, click the link)
Shooting underwater, we will stay in the ISO100 to ISO400 range. (I have shot ISO400 w/ my S2 on a wreck dive).
You'll note that at ISO200, the S2 has less noise than the D100. Shooting the S2 at 6 megapixel jpeg (equivalent to what the D100 does) the S2 has MUCH LESS noise.
The following graphic compares noise results when shooting in RAW mode:

For people that want really really clean blue water shots and shadow detail w/ less noise, ISO100 on the S2 is the way to go. Almost half the noise of the D100. The D60 takes the prize though.
Cheers
James
