Hi Lee,
Thanks :) We worked a lot on the sea water shader. It uses AO, volumetrics, rayswitch and procedural bump, also we create a seamless caustics map to save a lot of rendering time.
The water is more appropriate for still renders but as the waves are made with procedural noise, you can animate it. For water close-up animation, i suggest to use Phoenix FD but lot of users does not have this plugin and our policy is too give realistic tools ready to use without having this kind of plugin.
Here is an example of how water shader is interactive when you push the terrain :
Best regards,
Nasr