I was in the same position last fall looking for an underwater setup.
My final decision was between the Oly SP-350 and the Fuji E900 since I wanted to have RAW. I ended up with the Fuji E900 / Ikelite housing and am very happy with my decision after use on a weeklong dive trip.
Seems like most SP-350 and E900 owners are happy with their choice, so you probably wouldn't go wrong either way.