Well I've been looking around I think I'm going to purchase the tiny underwater HD camera from sanyo. While I'd like to have more control over the image/mechanics of the camera, being able to film even a few inches under water will produce some amazing results in the upcoming videos.
http://sanyo.com/xacti/english/products/vpc_wh1/index.html#Invalid YouTube Link#
I was also looking at a nice panasonic with a focus ring (dont recall the model number) for 999.99, and a pro canon for 2000+ (obviously out of my price range, heh).