Sanyo's Xacti DMX-CA100 would be a good enough HD camcorder on its own right—a 1/2.33-inch CMOS sensor, 5x optical zoom, 2.7-inch LCD, takes 14MP still pictures—if it weren't also waterproof. But watching it work underwater? That's something else.UPDATE
The video comes courtesy of DigInfonews Tokyo, and while it doesn't quite have the Jacques Cousteau moments I was hoping for, it's still pretty impressive.