Well...say hello to a newbie. I just got certified over the summer and did my first dive vacation in July. After taking some awful pictures with a Sealife 35MM with no strobe (actually a couple of them turned out pretty good for a rookie) I was hooked. I just purchased the SP-350 after tons of reading and researching cameras. Its really too bad I just now found this site. Anyway, I have the camera, the FL-20 flash with an underwater housing that I've yet to use. BTW, both circuit city and Best buy now have the camera to play with. Unfortunately the 24MB internal memory will only allow you to take one RAW image.
I actually never considered the 7070 but I did research the 8080 and both it and the SP-350 were right up there. The SP-350 is slightly faster in the write process for RAW at about 9 seconds versus 15 for the 8080. What did it for me was the built in underwater modes and the 4 programmable user modes which are easily accessed. I thought these user modes would excellent for diving since you can program in your own settings. The price was right too. I got the Camera and 512 memory from Dell for $368 bucks. The flash and the flash housing came off of Ebay, both were new products from Olympus Auctions. I got them both for $210. Throw in the underwater housing for the camera, which I'm anticipating coming out on Ebay any day now, for about $200 and you can see why I made the decision. Any and all advice you guys can give me is always appreciated and if I can muck with the camera and figure something out for you ... don't hesitate to ask. Thanks