The other day I was digging through archives and came across this article. Now, as a professional photographer, Tony takes massive amounts of expensive equipment underwater with him. In this post, he describes his experience going back to a simple point-and-shoot camera.
I found his description educational and encouraging---especially if you look at some of the pictures he manages to get on a relatively cheap camera.
You should particularly take note of his mention of a camera’s underwater mode. He also discusses the different approach to using a compact camera. How you have to view your subject differently.
I think it's an interesting read both for amateurs already using point-and-shoot cameras as well as those who have moved on to SLRs.