Although it's not nearly as kickass as the other stuff posted in here, I'm totally building an underwater/underground installation right now. At the moment, I'm making the parts that make it sustainable. (i.e. farms. I always give my major installations a farm for every single item in the game that can be farmed, including animals. I don't really care if the fact that I have pig spawners means it's obviously edited)
That said, once I'm done with the farms, I'll move on to the more fun stuff. Namely, living and social quarters. I plan to make it look like it was actually an installation where a bunch of people lived, so there will be several levels of living quarters with different levels of awesome. The highest level will be large private suites with windows into the ocean and various things representing decadence. The lowest levels will essentially amount to barracks, with communal facilities. I'll also be building stuff like a library, sports areas and at least one park, and a pool. (Oh, the irony of an underwater pool) Oh, and there's going to be a cafeteria and such too. Plus a warehouse. Hmm, I might as well just make this a military facility of some sort, huh?