I have used most of the models available from the $200 Atlantis B/W, up to the $600 High End Color w/ Full Spectrum White Lights. And I have concluded that it is not neccesarily what you buy, but how you plan to use it.
Almost every black and white out there has the exact same camera inside (Sony). So the picture quality is all about the same. The housings very from brand to brand. I prefer a 5″ picture tube to an LCD, it works better in cold conditions and the screen is larger.
Lights are great if you are fishing after dark or in deeper water. All models now have infrared lights, full spectrum white light is better than the red/green combinations.
Keep in mind that the camera will only see as well as the human eye if you were down there with a scuba mask. So is clarity is 1′, that’s how far you will see.
On open water, keeping the camera steady using just the cable is near impossible. It’s just like trying to use a Camcorder while you are walking. I have reverted to using a 16′ telescoping pole, which is also great for looking under docks from a distance.
Winter is really when cameras shine. In combination with a flasher, icefishing becomes a whole new ball game. You can set it up to look at your bait from the top, or drill another hole off to the side and look at all your lines at once. Last year in Isle Bay out of Scenic we were on a hot gil’ bite, but they crafty devils wouldn’t hold your tear drop for more than a second and then spit it out. Without a camera we would have been blanked. We also saw some large Pike, Muskie and Bass, a great bonus.
So, which one to buy? I depends entirely on how you want to use it.