[tbgsub]

hmmm digital cam on the cheap, but needing at least 5MP,
and you are expecting to be able to blow something up to a poster size incase you get something special. (it all depends on what something special is going to entail) -> MACRO?? or wide angle?? certainly not both in the cheap digi world, [basically you are going to get what you are willing to pay for) so you can get a relatively cheapish macro capable/moderate range (decent) camera, like the one I use-> NOKON COOLPIX 5600 with the WP-CP3 underwater housing (good to 40M depth-130Ft) camera cost 250-380 and housing cost 199-400. this might seem like a large disparity in prices, but this is a currently realistic total potential cost, depending on your effort at hunting for a good deal = (450-780) this camera is quite respectable for MACRO (close ups) as in see the hair and speckles on the tick that is on your friends face from 16" away. also it is fairly decent at shots ranging from 6'-80', and further on land using the panoramic feature. you can print fairly large before getting grainy, and the camera is quite small, even in the housing. I got the camera at Circuit city, and the housing on EBay for the lower cost. I also saved up for a 1GB SD card (85.00 - hard to initially justify but wouldn't have anything else for memory = one card to rule them all!!) for tons of storage capacity with full sized 5MP images. dont waste money on disposeable batteries either, not enough time to shoot underwater 2-3 hrs. go recycleable and get close to 6hrs shooting time! this really helps!

drawbacks are some, but not many, you have to understand that this is a pioint and shoot camera, it is not capable of shooting rapidly with flash, cycle times around 1shot every/17seconds with flash, which is pretty crutial underwater. anything faster will begin to cost (larger batteries/faster processor chip/larger CCD sensor Ect.)

for entry level, and cheapo factor you may be willing to trade off some things for others.

check out the availability of inexpensive housings and then look for the camera that goes in them.

also if you want cheap it doesn't necessarily mean deep. at 40 meters you are slightly limited, but it is a perfect range for tropical diving and snorkeling, and sizewise it is still smaller than a Nikonos V that burns film.
price of a nikonos V on e-bay range from 190-280 and it is underwater capable without a housing, it burns 35mm film, but the images are better, with additional lenses, it is more capable than any digital 5MP camera for the price, but it will need an external strobe that puts the cost near 400-those sub-strobes arent cheap so get a good one with lots of settings.

I plan on using the 5600 to learn basic underwater skills and then upgrade to a Nokonos V when I have sorted out the basics and want more quality.

I have had the 5600 for 1/2 a year now and honestly it does alot for its size and cost! images can be made clear with some attention, and the auto white balance seems to function great in most settings! over all the Nikon Coolpix 5600 is a kick ass little point and shoot cam.

you might be shopping and think you can save money by getting the 4600, but some things it cannot do. for example only 4.1MP, and No sound recorded with video, and no zoom feature with video, while the 5600 is capable in those aspects. It is worth it just for the higher resolution of 5.1MP in the 5600 alone!!!!

most importantly look at the customer feedback on each camera at varioius sites. some underwater housings cost slightly less than the cameras, most cost the same or more.

good luck at getting digital underwater on a budget.

sincerely,

TBGSUB