It's in the patch notes as fixed, but I still seem to have the exact same issue. Did it actually fix the problem for anyone?

By the way this bug is not to be confused with the frame rate sync stutter or general performance issues. The water stutter looks http://www.youtube.com/watch?v=skD_yPTconI and can be fixed by putting water multisampling to low. Setting it to medium or high will cause a steady 100 fps system to have huge stutters when you spin the camera around.

not me same weirdness on the water.... something on their end for sure... as for the slow downs of huge fps drops never had them. My issues the water but thats just a visual bug. I have had ED-E just stop following/attacking if i have him with me in the casino at the tops when they give me my weapons back if he was in there with me it breaks him. Still with patch the Ultra Lux bathhouse that area still crashes game, going to head over to the thorn tonight and check the fighting pit on exiting on creatures side crash, and the bug where if you set up a match of creatures they just stand and look at each other with their thumbs up their rumps from now till the end of time.

Never seen anything like that before. Strange...

I keep water multisampling on low since I can't even see a difference with any of the settings, but I turned it on to try and dupe but works fine for me

You using nvidia or ati? With nvidia driver 260.63 I definitely had a stutter related to water multisampling but 260.99 corrected this.

Remember, multisampling = anti aliasing. The game launcher has three settings pertaining to AA: The normal Anti Aliasing level, Transparency Multisampling, and Water Multisampling. Depending on your settings, there might be a conflict with the driver's control panel AA and the game's AA. I leave the game's transparency mutlisampling off and force it in my control panel because it creates a dithering effect and turns the blood nearly invisible making it less 'gory' which I guess some might consider a good thing. Not sure if forcing the driver to do transparency AA also affects water though.

I'm using a GTX 260 with 260.99. It's clearly a known issue or they wouldn't be trying to bug fix it. Also where did you try and dupe? It's only in really specific areas in the game.

There is no FPS drop in that clip, the FPS stays at a constant 60, it just hangs when you spin the camera. It's not that bad normally, fraps is compounding the issue.