As usual I try to present evidence in the form of screens ..
Hopefully you see what I mean with the transparency not looking nice. I thought I had taken another screenshot with the black / grey areas, but I dont find it anymore .. Generally I felt there were really odd colors when the sea was shallow. You see the kay walls, even in the far distance, it's not nice imo.
The underwater color is right now, I think:
Finally one of the many many nice views I got with the new beta ..