The Abyss is a solid movie, but the suspense and creative awesomenes in this scene is unmatched IMHO.
No muscle bound shirtless douchebags or fiery explosions, this is how AWESOME is done with style. It is a little long, but the scene involves several independant occurances of increasingly dire situations.
I have it on VHS. Now all I need to do is find a VCR so I can re-watch it.