Very nice

It seems as if you do the projection in the vertes shader, you should put it into the pixelshader to get rid of the disorted reflection if you are in a little distance to the watersurface.
Are you animating the mesh through the vertexshader or through Lite-C/C-Script?
There are some sorting problems if the watersurface is transparent, but I have no idea on how to fix that...
But it is really very nice so far
