During the last week I tried myself on a Watershader and ended up with the idea to build a simple environmentsystem. So far it is just the water, multitexturing with underwater caustics, per pixel lighting and some vertexanimation for underwater plants. I plan to add a skysystem with volumetric clouds, some shadowmapping for the sun and maybe some other stuff like vertexanimated grass and such, but that all depends on my time and mainly on how much fun I´ve got with working on it .

Here is a screeshot:

(yes I know that it is a lot of bloom, but I have to say that I like it that way :P, at least for now ;))