I had a great time also. At first it was awkward fighting underwater but after a while it became second nature. What really suprised me was the exp we gained. Most of the stuff we fought was low blue with the occassional even-red piranha thrown in. I gained a little over 1/4 bub in the short time we where there. Gordon said the dungeon with the highest exp modifier is on Faydwer, not Kunark. I have to agree that Kedge is it.
The low point I have to say was when we were fighting one of the swordfish and he beat me down to a bub of hp. I moved away from the group so I could stun but he stunned me and spun me into the zone. When you get hit underwater you get knocked back. A couple times when I was tanking, the mob knocked me out of melee range and I had to swim up a few feet to catch him.