Oblivion could use a new water shader too... Look what was released for Morrowind today:
Along with great reflections and such it has above/underwater caustics and freaking waves (hard to see in screenshots)!

http://i18.photobucket.com/albums/b120/iamerik/MW%20and%20Oblivion/MGEScreenshot12.jpg
http://i18.photobucket.com/albums/b120/iamerik/MW%20and%20Oblivion/MGEScreenshot13-3.jpg
http://i18.photobucket.com/albums/b120/iamerik/MW%20and%20Oblivion/MGEScreenshot15-1.jpg
http://i18.photobucket.com/albums/b120/iamerik/MW%20and%20Oblivion/MGEScreenshot16-1.jpg
http://i18.photobucket.com/albums/b120/iamerik/MW%20and%20Oblivion/MGEScreenshot23-2.jpg
http://i18.photobucket.com/albums/b120/iamerik/MW%20and%20Oblivion/MGEScreenshot10-2.jpg
http://i18.photobucket.com/albums/b120/iamerik/MW%20and%20Oblivion/MGEScreenshot11-2.jpg
http://i18.photobucket.com/albums/b120/iamerik/MW%20and%20Oblivion/MGEScreenshot7-1.jpg
Anyway I hope that the depth buffer can be found for Oblivion since it has done so much for Morrowind's shaders.