Macro photography underwater translates loosely to shooting small subjects at 1\3 to 1\2 the actual size, at close range. Photographers will most likely get the best results shooting static coral and small creatures such as nudibrach in this manner. This is extreme close-up photography. (0-18 ")
Due to parallax distortion the use of a framer is recommended with viewfinder cameras. Be careful as most subjects don't like being bumped while you set up your shot. When using housed cameras, what you see is what you get. No framing required. This benefit may be offset by increased bulkiness of housed systems. Personal preference and of course your budget would determine which is for you. It takes a lot of patience and stealth tactics to capture timid, faster moving marine life.