Moose,
This has been pretty well covered already but I run a rig very much like DMoss, but the attachment lanyard at the camera end is one of the small black nylon cords like you see higher up on his tether with a male (or female) quick disconnect on it. When I dive on boat dives or live aboards I can disconnect and hand it up to them on the swim step before I pull my fins. Or they do if it is a good boat....
If conditions are rough or expected to be, I sometimes don't quick disconnect, but instead release the lanyard so it stretches, then hand it to them, and let THEM (after they get a good grip on the camera), disconnect it from the coil lanyard. That way we don't have to have the conversation of (got it? yea, no wait, yea got it, oh crap....)
I carry a spare of the coil lanyard part, just in case. If for any reason the stretchy part of the lanyard looks like it got abused, I swap it out and buy a new one next time I go to the shop, 20-30 bucks is cheep insurance for your camera.
I like DMoss's rig specifically, it has a brass connection on the part that attaches to the BCD. Flimsy plastic is rarely a good idea on a couple grand worth of gear. I have used this system from back in my Nikonos Days, thru my L&M Tetra housing, My Olympus PT-22 housing, and now my Sea Tools housing for my rebel XTi. Would not even enter the water without it. It is a red line item on my abort the dive mental checklist.
Happy diving!