Astronuc said:
One sinks until the density of the sorrounding water equals one's density, which I agree will have to do with the amount of air in one's lungs.
Well, right - except that the volume of air in your lungs changes with the surrounding pressure too, but faster than the density of the water changes - which causes your buoyancy to decrease as pressure increases.
It isn't generally noticeable in a pool, but in scuba diving even only down to 20 feet, there is a noticeable acceleration as you go up or down. It's actually a little scary. When decending, you are told to counterweight yourself to be slightly positive at the surface, requiring a dolphin-dive and kicking to get down, but once you are down a few feet, you go negative and start accelerating. Then you start inflating your buoyancy compensator to keep your rate of decent constant.
Once down at the bottom, deep breathing will cause you to rise or fall, and the biggest challenge for a new diver is maintaining depth. A small lapse and concentration and in just a few seconds you can find yourself zooming to the surface or the bottom. Instructors generally follow
above the students so that if anyone loses control they can grab-em and keep them from shooting all the way to the surface.
Even with a lung fully expanded with air, I am about 0.5 m or so underwater.
I suspect that another cause - such as surface turbulence - makes it
appear that you have an equilibrium point. I am pretty dense too (

) and I have noticed the same phenomena.
About.com has several articles about scuba diving: http://scuba.about.com/cs/skindivehowto/a/buoyancy.htm
You must begin your dive properly weighted. Buoyancy testing begins at the surface with your BC completely deflated. Take a deep breath and hold it. Assume an upright motionless position. If you are weighted correctly, you will float at eye level in the water.
If your buoyancy stayed positive or increased with depth, you'd never get down.