Looks good. I wanted to make the same thing

You should ask Hummel for his ocean shader from the Wavefield Demo http://www.opserver.de/coni_users/web_users/pirvu/au/demo/zips/wavefield.zip (video: http://www.youtube.com/watch?v=rwrMlQ6m7jQ). Add the lightrays from the demo, too.
Tune down the HDR and add some DOF (Shade-C). Add some grass from Loopix www.loopix-project.com and a detail map shader from the wiki. Add blurred realtime shadows or a lightmap.
It will maybe look just as good as Far Cry when you work on it a little bit. You could make a great technology demo out of this.