Nauticam has recently released a new Macro port 29 that is shorter than the 35 and is designed for optimal compatibility with the following lenses and the WWL-1 Wet lens.
- Olympus M.Zuiko Digital ED 14-42mm f/3.5-5.6 II R
- Panasonic Lumix G Vario 12-32mm f/3.5-5.6 ASPH Mega OIS
- Panasonic Lumix G X Vario Power Zoom 14-42mm f/3.5-5.6 Power OIS
I have had the port and wet lens for a few days and those are my observations with the Panasonic lenses as I do not own the Olympus.
In general terms none of those lenses are amazing in terms of optical quality and only the Panasonic lenses are stabilized. This is not so important for still images but an advantage for video.
Photozone has tests of all the three lenses
The Panasonic power zoom is better than the Olympus however the lens has issue of vignetting and pretty high chromatic aberration. The Panasonic 12-32mm is surprisingly good and has similar resolution and less issues of fringing.
I attached the 29 Macro Port to my GX7 housing and took some tests shots in the sink with the WWL-1 petals touching the subject.

The image is wide and the corner sharpness is great with minimal to no chromatic aberrations.
The 12-32mm lens does not vignette at wide end and gives similar performance to the PZ lens with the benefit of increased field of view.

The shots are taken at f/4 ISO 1600.
For comparison I mounted the 4.33″ dome and the 8mm fisheye and took a similar shot.

The field of view is wider but of course distortion in the corners is very high to the point they become garbled.
Clearly if you do need a fisheye lens the 8mm is still the choice however the WWL-1 has the advantage that you can use the full zoom and a field of view of around 130° with a 28mm equivalent lens and around 135° with 24mm equivalent.
One thing that is interesting is the use of the 12-32mm with the Macro 29 port combined with the Panasonic GH4 in 4K.
The crop factor of 1.2x means that the focal length with this lens at 4K 16:9 is 31.38mm. This makes this port compatible with a number of flat wide angle lens of the old generation.
Specifically the old Inon UWL-100 would give a field of view of 100° equivalent to 18mm in 4K. The additional benefit is that you can use the Ikelite UR/PRO push on filter and the full zoom. At the tele end 83.7mm may be a bit short however the fact that you have a fully rectilinear lens and you can use a push on filter is a big advantage.
The Macro port 29 is also compatible in normal mode with the Inon UWL-H100 at 24mm equivalent as per image.

The field of view appears narrow as the lens can get closer to the subject compared to the WWL-1. The optical quality is excellent with minimum fringing.
In summary the Macro Port 29 is a must purchase for the following users:
- 4K Panasonic GH4 video users
- 4K Panasonic GX8 Users
- HD and Still images micro four third users wanting a full wet lens set up
The 12-32mm lens also give almost the same field of view of the Panasonic 7-14mm with wide angle port at much lower cost when coupled with an Inon UWL-H100 allowing use at apertures of f/4 and f/5.6 with one to two stops advantages on the 7-14mm.
On a final note for the users of the Macro 35 port Nauticam has now released the zoom gear for the Panasonic 14-42mm II Mega OIS. This lens is better than all of those discussed in this post in terms of optical quality and it comes as kit lens on lower end Panasonic cameras. If you already have the Macro Port 35 and a kit lens or if you don’t have any lens or port this is definitely the best option in terms of cost and optical quality