Optical metrology of holographic images, otherwise known as 'hologrammetry', offers the ability to produce in real space a full-scale, three-dimensional image of a recorded structure, which displays sub-millimetre accuracy in both detail and spatial proportions. In an effort to develop this potential for underwater applications, we have been studying the optical aspects of underwater holographic imaging, in particular those aberrations associated with reconstruction of the conjugate real image in air. A similar problem is encountered in conventional underwater optical systems, where a variety of measures have been adopted to limit the effects, particularly on off-axis image fidelity, of refraction and dispersion at the air/water interface. These include use of compensated lens elements in recording or calibration factors in image processing, or some combination of both. If the advantages of underwater holography are to be fully realized these difficulties must be addressed and, if possible, resolved in a context appropriate to holography. In this paper, we have employed both geometrical optics and analytic approaches to assess the extent of the problem and to evaluate a possible solution. By employing third-order numerical methods, we obtain simple analytic expressions for the aberrations encountered when the conjugate real image is replayed in air, and illustrate that a substantial restoration of image fidelity can be realized by introducing a prescribed wavelength change between recording and replay. Finally, we review practical implementation of the technique and outline the conditions that must be satisfied before residual aberrations can be reduced to tolerable levels.