yes, it can be fine in some environments. but a good outdoor water shader requires reflection and waves as a minimum, refraction as another very important thing, depth, and sun reflection, and in some areas foam (sometimes it is used in an ugly way, but can be nice e.g. around and behind ships). simulating waves is not so easy, a static normal map is good as a start with some well randomized vertex animation, but can be improved further if needed. I was a bit surprised when saw the water in Shogun 2 Total War, how the water transparency changes so sharply and ugly at the depth limit. but I know really not so much about water shaders.
