I have taken my M2 down to almost 9ft in a swimmingpool. No leaks - not even vapour. The momentary-on TailCap switch is perfectly safe to use underwater, so the M2 doesn't have to stay on. It been underwater for about 2 hours total, and it's a superb flashlight. The SureFire beam is excellent underwater - for when you really need white light!
Before any dive, you would of course check all the 'o' rings for dirt or damage, and I have used a very small amount of silcon grease to lube them after cleaning. Very small amount mind - the metal has to make electrical contact so just grease the 'o' rings.
Paul Kim at SureFire has suggested to me that the M2 is a great flashlight to take diving. People have been diving with it for a year now with no problems.
If you or anyone else has leaks underwater, I urge you to contact SureFire Customer Service as this should not happen.
Enjoy your diving!
Alastair