I have the Olympus and the Kodak too. I'm on my second Olympus as my older model flooded. The newer ones have the second locking feature which so far is working well. I prefer the Olympus over the Kodak, maybe because it's more familiar to me. I think the quality on the Olympus is better too.
I am a former scuba instructor and if I ever get back into it, I will pick up the Ikelite housing for my dslr. I used to use a Nikonis. For a recent trip to the Galapagos, I knew the Olympus wasn't going to cut it snorkeling. It was just too big of a trip to risk it, so I picked up the Canon underwater housing for my G11. A few people had the Olympus, but the marine life was just too fast to capture unless they could anticipate the animals' movements. Those of us with the G11 and housing were very pleased!
However, the nice thing about the Olympus is its size. I take it to the beach, pool, boating and waterparks. The G11 and housing would be a pain to lug around all day, plus I'd worry about banging it. It's funny, people will stop and stare, then approach me with a horrified look. "Is that camera waterproof? Will you take a picture of me?"
