The original Wetsuit is a figure I have quite a fondness for, although I'm not entirely sure why. A few years ago this was a figure I used all the time, but as my collection grew I forgot him a bit.
Wetsuit generally speaking is a good figure, but he does have some flaws. He's a big upgrade over Torpedo, with his rubber mouthpiece, and for other factors like superior sculpt details. The figure has a sense of adventure that makes him fun to use. I do wish he could have included some kind of gun, but with so many other nice accessories I'm glad they didn't forsake anything for that.
Later versions improved on his colors a bit, but the original is so much of a classic, I find it's hard for them to replace him. Even when the orange could be less desirable, it's just one of those features that defines the character's look, and does help contrast him with similar figures.