The problem is if you are desiring to do DEEP WATER construction. 1 z level, pumps work very well, but 3 z levels or 5 z levels?
Caissons themselves are just 4 walls and a ceiling. Dwarves can build that right now. But they lack any of the DEPLOYMENT methods that we humans use. For instance--- build an open bottom box out of wood. Float it in the water. Barge it to desired spot. Tie ropes/chains to it to control its about to begin sinking--- and sink it by opening hatch(es). Once in place, repeat with more boxes on top until you have constructed a "temporary" building underwater. Now, pump the water out, seal any leaks, and work your way down as desired. Now you can mine the floor, or fill it to make a permanent footer for a bridge, or whatever else you want. Without boats/barges and controlled sinking, this just isn't going to be doable.
The other way to do water construction is to sink walls or pilings until you create a coffer dam. Then you pump out the water and do whatever you want in that space. If we could just drive/drop pilings, we could at least do coffer dams. We don't even need boats--- as dwarves could just construct floors out to where you want to work (just go 1 z-level up first, and be "above" the water). Then get to your desired area, and start building a pillar or pipe down. If it requires a couple of mechanisms, so you only build on the end in the air, and then extend it down 1 z-level, that would be cool by me. Once you get your pillar to the floor, you move to the next spot over and repeat. Continue that until you've enclosed your desired work space, and you have a coffer dam. Pump out the water, build what you want, have fun. Just look out for all the FUN that could happen (ie, a water titan swims up, knocks a hole in your coffer dam, gets into your filling space, and has FUN with your dwarves. A flying or jumping or amphibious megabeast of some sort comes down and has FUN with your project--- ambushes from aquatic mud dwellers attack you, etc etc etc.
Frankly, I was very surprised when playing DF and found out I COULDN'T make coffer dams. Seems like a major and basic constuction is missing in an otherwise well detailed base construction system. I understand we will get some capacity to build down into water at some point, but I wonder if it will happen in this upcoming "top 10 user requests" coming up.