I've written a projected grid water scene node, and, while it's far away from being finished, it begins to look usable.

The shader used currently only features very simple skybox reflection (I am not that good at writing shaders

), but should be easy to adapt to anything else. For the geometry, in the screenshot I used a 64x64 projected grid (
http://graphics.cs.lth.se/theses/projects/projgrid/), the waves use simple perlin-noise like noise, with the normals being computed on the gpu.
The code is structured in such a way that geometry and noise generator are separated and exchangeable with little work needed.
The code is available in my git repository, it depends on some changes not in the Horde3D repository:
http://github.com/mgottschlag/horde3d/c ... -scenenodeThanks to Dark_Kilauea for his bugfixes! There is still one really visible bug left, there are artifacts whenever the viewer moves quickly relative to the water (missing mipmapping for the heightmap), also there are still some performance problems left.