Simos,
For me at least, the way to understand the physics if that there is a rigid little pressure vessel over each eye which sits on a solid surface (bones) with a tissue seal. As you descend the pressure in each vessel will stay at 1 atmosphere until failure (at an unknown depthbut well beyond the normal assumed maximum depth fo 3-5 m). This is so because the goggles and the bones of your face are solid, and therefore not affected by the change of pressure (they have no airspaces within them)
I agree that there is no unlimiteed depth potential, but it has been shown to be quite deep. There are 3 sources of failure, two of them potentially catastrophic.
1) a lense may break, causing a sudden rush of water and glass fragments into the vessel. and potentially into your eye
2) a leak may develop around the seal provided by your skin, filling the vessel with water until the internal pressure is equal to the external pressure, like Dimitris found.
3) sinuses in your head, being at ambient pressure since you have to clear them, "may" break, causing air and blood to fill the vessel. This one is a real unknown, since I have never heard of anyone having this result, and the offending sinus would have to be directly under the 1 atmosphere vessel. Not sure that this is more than a figment of an overactive imagination, and it doesn't seem too likely, but very painful if it did occur.
Beyond these 3, what mechanisms can you describe to cause failure?