Heard on the radio while going to pick up my mail that the fuselage has been located. And yes, the water depth is less than 20m. I'm not sure what the bottom is, but it could be pretty muddy.
This water depth is plenty to have slowed it to very low speed by the time it hit the bottom - nearly all the damage will be from impact with the water, and it won't be all that deeply buried, if at all (depends on whether it is mud or sand).

