Has this problem been solved? I just got the game on Origin after playing the first 2.

I'm running 2 gtx 670s in sli and a i5 4670k

Crytek has yet to release a patch that fixes this. I have a 3970X with 2x GTX 580s in SLI and I get the same thing.

I too, have flickering in the water reflections. I have a AMD FX8350 and 2x ASUS Matrix 7970's Platinum in Crossfire. Sometimes that flickering can be quite annoying.