I like my chunk error. There are lots of diamonds at the bottom
A good amount of lapis, too, although I advise that everyone leaves lapis deposits untouched. Right now they only drop one lapis but as of next patch they will drop 4-8, like redstone. (They already drop 4-8 in SSP.)
At the moment I'm more interested in Lapis than diamonds. My next project requires lots of purple dye, smoothstone, and clay. I will also need several bookshelves.
Also, use the elevator at your own risk. It can kill you very quickly if you do it wrong.