all depends on water clarity, I can set my camera up on the corner of my hut and most time could watch my bait and the one in the background, 4ft say
In shallower waters I can see much further as there is more light
Cameras have come a long way since purchasing mine, not to say mine is still not a good working item an older Marcum vs560
This is just a personal opinion , but I would want a camera that would turn around, Marcum makes an item that I believe affixes to the cable then has tripod thingy that goes across hole. mine is a bit older and the camera unit turns in itself but its not manufactured anymore.
colour would mean nothing to me as black and white do just fine
a system with a video out, is also fun to record what your seeing and doing to share with others.
camera with lights , could indeed attract onlookers and help with deeper dives
1Cameras a fun, 2 they keep my kids interested, 3 I have an advantage while perch fishing with a camera.
Enjoy once you make your mind up.