Nice Demo. Really shows off Vertex Shader 3 Displacement Mapping well. If you move close to the ripples in the water, the geometry is actually changed.
The demo runs about 300 fps at 1280x1024 w4xAA using FBO. Using PB(forced 2xAF), the framerate goes to about 90 fps with the same settings.
Here are a few screens up close to the ripples.