I just want to drop a quick thank you note for all the great advice on my recent OMD purchase. I would never have gotten everything the way I wanted without the expert opinions from this forum. You've been a fantastic help. Please allow me to share some photos from my first dive trip with the new rig (I'm still very much learning and I'm nowhere near the skill of many people on these forums but coming from a compact point and shoot I have to say the EM-5 is a fantastic camera for UW use). The pics get better towards the end of the album. All photos taken with the 12-50 mm kit lens (some with a Subsee +5).
Regarding the Austrian 12-50 mm gear that you can get from unterwasserkamera.at . I had some problems initially with this gear but found that it needs to be positioned so that there is a 5 mm (or so) gap between the camera body and the gear. If you push the gear all the way back, like in some photos of it, it will not function properly.
I also needed a second rubber band (the band supplied is a thin red one which is much smaller than the thick black one that Alex received for his review). When positioned correctly, and using two rubber bands, it works like a charm and I am so far very happy with it. Just in case someone else runs into these issues I thought I'd share my solution.