I do not agree with these statements. This person likely has no experience with waterproof lasers. :undecided:
Sure 5mW is fairly low power (especially for ~$100), but this will be used underwater at depths where it is relatively dark. You should be able to see the beam and dot very well. A higher powered (20mW and above) laser will likely scare the fish away (which is NOT what the OP [wraptor] wants) as the beam and dot will be very bright underwater.
I don't think the laser will be very hard to "turn on" underwater. (even with gloves on) twisting the back to turn it on seems much easier than pressing (and holding) a tiny button, or trying to get your (gloved) fingertip into a small tail-clicky.
If the laser really does survive at a depth of 40M, then it is worth the money, IMO.
Also, one thing to note is that you have the potential to mistakenly point the laser at other divers (possibly faces) and anything over 5mW has the potential to cause permanent injury.