Accurate water reflections was one of the things I was most looking forward to in the ARR engine.

The environmental mapping technique in current water shaders is archaic by today's graphic standards, and ends up making the game seem last-gen.

I sincerely hope that the devs can give us realistic looking water when all is said and done (even if it is only available on high-end video cards).

Aside from lighting/shadows, water shaders may be the most direct way to impress upon your average viewer the sophistication and power of a new graphics engine.