Wow, According to
http://www.bladeinteractive.com/ , they found a way to create real water effects in games. Bad new is that this effect will be used in PS3 & XBOX 360. I have no doubt that it will find its way to the PC.
Just for an example of what they are doing, check out this video:
I was just disapointed that they had to actual footage of what it looks like in-game. Sounds promising. I hope to see it in SH5.