Rain drops interacting with bodies of water.. causing small ripples during rain showers, that kind of thing. This alone made simply standing near a shoreline or on a bridge and just admiring the view much more enjoyable in Morrowind that it was in Oblivion (and indeed Morrowind became my substitute for a screensaver for a number of months!), despite the more scenic vistas available in the later game!
Bethesda, Please don't fail me and everyone else who enjoys immersing themselves in your game-worlds with Skyrim by missing this small but hugely noticable effect