I think you're right, also looking at the shots on the website the surface rendering is quite nice really.
For anyone who hasn't seen it before there is some very nice real-time water rendering in the
Typhoon engine. The site includes rough descriptions of the techniques used and refers to papers (not linked, just gives titles and I haven't tried to find them yet).
Also, looking at Typhoon again, the coast is the one area that doesn't look all that good. There the water ends in abruptly and the foggy approach suddenly doesn't look that bad by comparison.
Oh and another thing about that engine is it demonstrated to me the difference between of using streak and bloom filters together which feels like actually being in the place in the presence of intense light and just bloom which has a cinematic effect. i.e. the optics of the eye create streaks and film cameras don't so much.