Well Powerman I guess you just shed some light on your User Name.
Got some electritian in your bloodline?
I really enjoy underwater lighting in a pond environment. I DO have some overhead light on one of my ponds but the ambiance is much different. The overhead light I have on one of my ponds is set up VERY high so it lights up
EVERYTHING!
This topic certainly has me thinking differently. I suppose some over head lighting could be installed a foot or two above water level HIDDEN in the landscape for a nice touch. That way the nightscape lighting in the rest of the landscape and the lighting in the waterfalls wouldn't be effected by the
OVERHEAD pond lighting.
A great deal of the ponds I install are very much a part of backyard living environments for the homeowner so outdoor lighting is important. I will have to play around with that. You know I see a high potential for
Serious Hobbyist, Seriouls about Nightscaping! 
Still looking forward to additional feedback, installation suggestions and photos.
The Pond Digger