I agree the wave texture should have been there, I mean the setting is inside the editor and only the texture is missing and it doesn't sound like a big deal unless of course they decided to change the waves at some point during development more towards 3D water and simply left the possiblity of that kind of waves in the editor (for flat water surfaces). I don't think it should be hard to create a texture to fit there but it should have been there in the first place.
Breaking through walls like that would have been nice but if it had worked it probably had worked only on very limited amount of walls or only in cinematic scenes. I think it will take quite a bit of time until we will reach that amount of detail and breakability on most structures.
IMO the screenshot was "staged" in the editor and is done with the engine though.