No rumors here, but I have been struggling with this one for a while and would like to share my experience.
I was looking to find a cheap underwater housing for Nikon DLSR. I will use it mainly for snorkeling and pool pictures (I live in Florida).
If you have an extra $1000 you can go with the Fantasea FD-40X Underwater Camera Housing (depth rated to 60m/200 feet)- I am sure it is a fine product, but not in my price range:
The next step down is the Ewa-marine Underwater AF SLR / Digital Camera Housing U-AXP (for dive depths of up to 50m/155 ft). It will send you back more than $300. The cool thing about this product is that you can include your external flash unit in the housing.
The third option is the Dicapac WP-S10 SLR Pack Waterproof Case (Waterproof to 16.4 ft/5.0 m). It sells for $100 at B&H. No much info is available online for that product. Dicapac web site sucks! Don't even bother accessing it with Safari. No one sells that product, except B&H (even Adorama, Amazon and ebay don't have it). Few shady sites have is for $150. This will either be a "garbage bag" or the best deal around (it has finger sleeves for control!). The best way to find out is to buy one and I did.
I am going to sacrifice my D40 and try this under water. Will post the result later on.
Note: The above underwater housing models are for Nikon D40 - other sizes are available for the different Nikon DSLRs.