the water is 1.1 it still make use of a lot of PS 2.0 effets for lightning and such. Which is where the nVidia performance hurts the most btw. But you would think it would be a non issue for the Nv40:s??
Game developers like to make their games run on as many systems as possible thus they don´t do unnecessarily use of shaders. I have no problem with Far Crys water