The animation of the waves is fine (especially the one done with XP) but it would be good to have some scattering in the water.. so that the deeper areas receive less light. And add caustics to the scene.. That would make the whole scene a lot more interesting. Cheers!
Hey, yeah, at around 1:30 you can select the displacement, go into Falloff, click on Linear Field and then rotate it -90 degrees. You can move around the field and see how it affects the displacement :)