Scubamaniac -
I compared the Ike to other options, and ended up ordering an Aquatica. The Ikes are good, but the Aquatica has a lot better ergonomics: the port seals are more secure and less prone to user error, the tactile feel of the shutter button is better, and the housing itself is a lot smaller. However, with the Inon Z240s, this housing is negatively buoyant by a couple of pounds, but that doesnt bother me (my rig is a lot more negative on land, and I cope with that....).
With the Ike, you'll have to take into account the strobe and arms in determining total buoyancy. You are getting strobes for it, right?
Oh, and the $1200 just gets you a housing. Add in a port, strobe arms, sync cords and strobes, and you're looking at a lot more. And unless you get one or two strobes, there really isnt much of a point to getting the housing - you might be better off with a better strobe and one of the Inon add-on lenses for a P&S casing.
Vandit