Aquatica engine and editor, free and open source (C++ and .fx). not new, but it would be fine to be used in 3dGS somehow, it really produces realistic water very fast (I just tried the editor): http://www.magicindie.com/index.html?t=win , just scroll down to bottom of page.

Well, the screen shots clearly prove the opposite.

@Hummel: Please publish your wonderful water shaders

You should know best thats it's not possible to rip a single element from a shading system and use it straightforward outside of the original framework.
It just itches me when results were promoted as realistic/photo-realistic when they obviously aren't even close to a _natural_ look (no offense against you, sivan).

I could produce really nice waters by its editor, and it works lightning fast, believe me. maybe no photorealistic, but good for any indie game. I know it uses its own framework, but imo it is a very interesting project, unfortunately abandoned 2 years ago, fortunatey shared for free. at least useful to get some idea to write your own water shader.
anyway, your water shader contributions welcome

yeah, its not photorealistic, but if it was all water would look the same in games. as far as converting over to the proper framework, im sure there are several people on the forum that could switch out the variables and make a generated script acknex compatable.

I could share my fixed-height-everywhere-water-shader.
Neither it's extremely good nor it looks very realistic. Besides that it doesn't use reflections and also uses multiple post-
processing effects which means you can't combine it with other pp-shaders unless you've got expirience with this stuff.
( but at least it's using realtime depth )

I would be happy if you shared it, but probably I won't use it because I need reflections for outdoor waters. for learning purposes it would definitely be useful.

I just checked its source again, and in fact shade-c water is built on aquatica engine's full featured sm2.0 water shader, except real-time heightmap and normalmap generation. earlier this year I shared shade-c water A8 conversion on the forum, that was also available in the last AUM. since that time I've modified it a bit, and put it into my editor with a simple water editor panel, it will be shared soon as open source. there are still some things to improve, later I will deal with it again to get something really nice and fast.

I like Kartoffel shader ! Maybe it doesnt looks realistic, neither has reflections, butr even so it's very nice.