A lot of people seem to be angry that this adapter isn't included with either the camera or the conversion lenses, that it costs so much, and that it isn't made of metal. I was kind of grumpy about having to buy it too, but I really wanted to try out the FCON-T01 fisheye converter, so I figured I had no choice. When it came, I was once again kind of astonished at how flimsy and cheap it felt for the price - this is the sort of part I'd still feel a little bit ripped off if I paid $5, let alone $20. Having thought it over a little more, though, I think there's a little more here than meets the eye.
Since it has to screw onto the very fine threads of the lens body, this has to be a fairly high-precision part, which probably contributes to the cost. It's injection-molded from what feels like ABS, which is the material I expected to see for this sort of thing. (Side note: you won't want to let bug spray come anywhere near this; DEET will dissolve many plastics, but ABS goes especially quick). It might actually cost the better part of $20 to make this thing, even despite being made of a relatively cheap material.
I was initally pretty annoyed that it wasn't metal, especially for a tough camera, but when I finally got my fisheye lens and felt how heavy it was, I started thinking a little differently. If I were to fall while hiking and hit the conversion lens on a rock or something, then it would almost certainly break, but whether or not my camera also broke in the process might depend closely on what happens at the connection point between the lens and the camera. If this adapter were made of metal, then having the conversion lens torn off would probably bend or break both the adapter and the camera's metal lens shoe, leaving me with a badly-damaged camera. With it being made out of plastic, I think it's much more likely that such an event would leave me with a wrecked lens and a broken adapter, but maybe an intact camera - and since the camera costs about 4 times as much as the lens and adapter combined, I'm not mad about that.
One other thing that other reviewers have complained about is how water can get between the conversion lens and camera (both of which are independently waterproofed) when the camera is used underwater. I also thought this seemed like a significant flaw at first, but then I realized that this scheme means that you can actually swap out conversion lenses while underwater without even surfacing, which is a neat trick.
I'm not going to call this attachment scheme perfect by any means, which is why I'm stopping short of 5 stars, but I don't think it's quite as cut-cornered as some of the reviewers are accusing it of being. Think of this as a little $20 insurance policy that might protect your camera if something terrible happens while the conversion lens is attached. It's also nice to have the option to save a few bucks by only buying one of them for multiple conversion lenses (or not buy one at all if you don't need conversion lenses), which wouldn't be an option if this part came bundled with either thing.