Finding the ultimate sensor that would give a quantitative reading of a liquid level (and yet inexpensive) has also been a holy grail for me.
BTW, I have also considered ultrasonics, but am apprehensive about the sensor's longevity in the damp environment, even if it mounted a few feet above the maximum possible water level. Considering the very nature of its job, the diaphram might get severly influenced by the ambient moisture, I feel.
Wondering if this apprehension is justified, or am I being paranoid?
Regards,
Anand Dhuru