wow, this totally kicks ass. and if a sentence like this comes from me, you know, i mean it this way. great shader and particle work. caustics, water surface, depth blur, shadowing/shading, light ray and surface effects are top notch. your video is really breathtaking, only thing i'd improve is the fish animation. other than that, your scene looks even better thn 98% of the made-with-maya/made-with-3ds-max under water scenes available on youtube. congrats!

ps: 17-35 fps... what's the worst framerate eater, which shader?