I've heard of the Santorini explanation; in fact, it is asserted in the link given in the opening post. However, if the Bible is to be given the benefit of the doubt, the Santorini explanation does not work.
Firstly, a few things must be understood. If we are to use the Bible as our primary reference for the story of the Exodus (actually, it's the
only reference in history of the story of the Exodus), then we must pay attention to the way it describes the crossing itself.
Exodus 14
19 ¶ And the angel of God, which went before the camp of Israel, removed and went behind them; and the pillar of the cloud went from before their face, and stood behind them:
20 and it came between the camp of the Egyptians and the camp of Israel; and it was a cloud and darkness to them, but it gave light by night to these: so that the one came not near the other all the night.
21 ¶ And Moses stretched out his hand over the sea; and the LORD caused the sea to go back by a strong east wind all that night, and made the sea dry land, and the waters were divided.
22 And the children of Israel went into the midst of the sea upon the dry ground: Heb. 11.29 and the waters were a wall unto them on their right hand, and on their left.
23 And the Egyptians pursued, and went in after them to the midst of the sea, even all Pharaoh's horses, his chariots, and his horsemen.
24 And it came to pass, that in the morning watch the LORD looked unto the host of the Egyptians through the pillar of fire and of the cloud, and troubled the host of the Egyptians,
25 and took off their chariot wheels, that they drave them heavily: so that the Egyptians said, Let us flee from the face of Israel; for the LORD fighteth for them against the Egyptians.
26 ¶ And the LORD said unto Moses, Stretch out thine hand over the sea, that the waters may come again upon the Egyptians, upon their chariots, and upon their horsemen.
27 And Moses stretched forth his hand over the sea, and the sea returned to his strength when the morning appeared; and the Egyptians fled against it; and the LORD overthrew the Egyptians in the midst of the sea.
28 And the waters returned, and covered the chariots, and the horsemen, and all the host of Pharaoh that came into the sea after them; there remained not so much as one of them.
29 But the children of Israel walked upon dry land in the midst of the sea; and the waters were a wall unto them on their right hand, and on their left.
30 ¶ Thus the LORD saved Israel that day out of the hand of the Egyptians; and Israel saw the Egyptians dead upon the seashore.
This account
clearly identifies the pillar of smoke and fire as a dynamic and immediate phenomenon, rather than a static marker on the horizon. Further, the story describes the water as being divided in a specific location, with "a wall on the right and left" of water. This is not consistent with the extreme low tide effect caused by an incoming tsunami. Of course, we may allow that this account (having been written long after the alleged event) is somewhat stylized and "decorated". But there are other problems as well.
Exodus refers to the king of Egypt continually as "Pharaoh", a term which - unknown to most - wasn't used as a title in Egypt until the reign of Horemheb in 1323 BC. That sets the events alleged in the Book of Exodus as having happened in Horemheb's reign or later. Contextual clues in Exodus point to later.
Exodus 1:11
Therefore they did set over them taskmasters to afflict them with their burdens. And they built for Pharaoh treasure cities, Pithom and Raam'ses.
"Pithom" can't be found; however, "Raam'ses" (b.k.a. Pi-Ramses, literally, "the House of Ramses") is well known. Ramses II had the city of Pi-Ramses built for himself during the reign of his father, Seti, and moved his capital there upon his accession to the throne. This places the slavery of the Israelites in the reign of Seti (1294-1279) and later. Since Moses was raised in the "house of Pharaoh", but was 80 years old when he actually came to Pharaoh to demand the release of his people (Exodus 7:7), this places the time of the plagues and all that either in the reign of Ramses II (1279-1213) or Merneptah (1213-1203), so the actual exodus itself would've taken place during or very shortly after that time (This, by the way, is why all the movies name Ramses II as the Pharaoh during the time of the exodus).
Santorini erupted in 1650 BC, during the reign of one Ay (1664-1641), last Egyptian king of the Middle Kingdom, and nearly 400 years before Moses would've been born. It was also what is known nowadays as a Krakatoan eruption, in which a huge underground magma chamber is suddenly and violently evacuated, causing the land above it to collapse into the empty space left behind, forming a caldera. This type of eruption lasts only a matter of hours, and is paroxysmal. It would have produced a column of smoke for only a day or two, but not a column of "fire", and neither would be visible from way down in Egypt anyway.
If we accept the Bible As Truth, the Santorini explanation does not meet the time-and-place criteria. If we insist that the Santorini theory is the most plausible scientific explanation for the events detailed in Exodus, then we must concede that Exodus is in error, and so the entire account would be suspect anyway.