That would majorly suck!
Yeah, that would be considered a bad day. I dread to think what a 50M camera costs.
I flooded a digi camera a couple of years ago (yes, human error ) but spotted it quickly enough to get it out of the water and get the batteries out. Camera was toast, but saved the pictures that were already on the card. Now I download the pictures every day or swap cards, just in case. I'm also a lot more careful and check it in fresh water (bath, sink, camera rinse tank) before heading over the side.
Take only pictures, leave only bubbles!
Yes I agree major bummer. But as the sayings with U/W photography go "If your not prepared to flood it, DON'T use it" or "ITs not a matter of if I flood it, its a matter of when".