a) Salt water is highly corrosive. Wouldn't maintenance costs be high?
b) Isn't marine biology highly sensitive to heat pollution?
For high latency services like Amazon Glacier, wouldn't it make sense to host in a place like Iceland? Really cheap hydrothermic/clean power. Highly educated local talent pool, and relatively consistent cool temperatures. If you're maintaining 80F (http://www.datacenterknowledge.com/archives/2008/10/14/googl...) the ambient temps outside should provide ample cooling year round.
For lower latency requirements, wouldn't it be worth it to install efficient cooling powered by electricity? (preferably renewable) With cheap solar who really cares about grid power loss and associated inefficiencies?
Essentially, I think it makes sense to get better at solar than to have Steve Zissou as a server admin.