Derek, below the waterline means just that, below the level of the water. I would venture to suggest that just about all receivers in model boats are below deck.
I also sail on salt water, using a cheap Hobby King 2.4Ghz set, and have had absolutely no problems at all. As long as I can see my boat, it responds to all inputs. The aerials in some cases are actually below the waterline, too. About half of our club members are also using the 2.4Ghz sets, from a couple of different manufacturers, and have all found them to be more reliable than the older UHF sets. We have a "Bermuda Triangle" area in our lake which, for some unknown reason, can cause interference with the 27, 29, 36 and 40Mhz sets, but the 2.4Ghz units are completely unaffected. However, I have been told by those who know that 2.4Ghz is unsuitable for submarines in salt water.
I suppose we can only speak from personal experience. Obviously Neil has problems with the 2.4Ghz sets, in which case I don't blame him for sticking to what works best for him. The last thing he wants is for one of his master built models to go sailing off into the distance, never to be seen again.
Peter.
Edited By Peter Fitness on 14/07/2013 07:47:36