personally i'd prefer the S95 to the G12 since the specs are almost the same, but the S95 is half the size. if i wanted to get the G12+ikelite housing, i would have gotten a dslr instead! which i have.. but now i'm thinking of getting hte S95 as a small backup/holiday cam.
diver's outfitter is having a promo for S95+ikelite housing+ULCS tray and arm for $1399 with 10% disc for S&S strobes as well. seems like a pretty good deal to me.