Pretty much the same video as Justin's. But... it's mine. A partial answer to the question of, "What can you see down there?" This area is a sunken boat and tire reef (tires make great places for life to live and grow) that hosts a number of critters, including this big guy. There's an older mate living in the same area; we saw some pink/grey tentacles hiding.
Giant Pacific Octopus at Mike's Beach May 2011 from Amy Young-Leith on Vimeo.