Mega wet pixels

It's all about the megapixels. Although most of my photography is done on land I have jumped head first into underwater photography I have started renting the Nikonos V for diving trips. The reality is I need my own underwater gear! While I am currently trying to figure out how I will afford just the $4000 housing for my Nikon D1X, I am wondering how this would do for the time being. Of course I would have to deal with the fixed lens issue (a gypsy doesn't like to be boxed in), but 5 megapixels would work.

Boasting 5.5 megapixels and 3x optical zoom, SeaLife claims the DC500 offers advanced button operations along with a 2.0" color LTPS screen to make viewing and editing underwater easier. The camera lists for around $600USD.
DC500 camera press release