im pretty sure its based on the realistic waves effect.
it shows up at most angles. and depths, you wont see it if your sat still.
its also a little dependend on where you are, this is very clear water, its not ussually this obvious around here. ussually its most obvious when your in rougher seas.
obviously its not touched up in photo shop, but its always been in the game.
okies try again with a jpeg instead..
