So, I replaced my SAm bulbs this weekend and both had some water buildup. When I replaced the one in the pool, I let it submerge as far as it could go (probably about 6' underwater). A few bubbles came up at first, but these were just trapped against the lens and the flange. For two minutes, I saw no bubbles released. Hopefully, this will remain this way. The spa light was also replaced, but I had emptied the spa water to the pool to change it, so I couldn't do the pressure test. This one seems to have already taken up some water, but that could have been an installation issue?
Typically the leak is very slow and usually takes a few weeks to see. This could be either a leak at the o-ring seal or at the rear. Just no telling at this point. Mind you, both SAms are filled with epoxy, so the only way water could enter from the rear would be if it were running through the wires. In any event, I certainly hope that the Intellibrites are better at leakage control than these SAm lights. I've been through a bunch of money on o-rings and my luck appears to be running low. I'm also a bit nervous about having 120V lights that leak. Mind you, the level of electrical leakage through a pinhole water leak would be marginal (considering that the conductance of water is related to its volume and path length). Still more reason to get some 12V fixtures into the pool!