Still looks like the satin-y water from Oblivion. My biggest complaint (which isn't that big) about skyrim's water is exactly the coastline edge effects, which do look unrealistic. Probably blend a different texture into those areas?
It's the other way around. Modded Morrowind had water looking like that (actually better, due to 3D water waves) before Oblivion did. Unless you're saying MGE/XE's water looks like Vanilla Oblivion's; if that's the case, http://www.pcgameshardware.com/screenshots/medium/2007/11/oblivion.jpg.
Anyway, here are the screens you asked for:
http://img545.imageshack.us/img545/9207/mgescreenshot28.jpg, http://img21.imageshack.us/img21/4002/mgescreenshot57.jpg, http://img687.imageshack.us/img687/5830/mgescreenshot52.jpg, http://img837.imageshack.us/img837/6130/racerh.jpg, http://img803.imageshack.us/img803/8959/roadyr1.jpg, http://img827.imageshack.us/img827/4826/mgescreenshot12.jpg, http://img542.imageshack.us/img542/412/mgescreenshot8.jpg, http://img24.imageshack.us/img24/9812/mgescreenshot6.jpg, http://img15.imageshack.us/img15/5511/mgescreenshot4.png, http://img820.imageshack.us/img820/2279/indoril1.jpg, http://img9.imageshack.us/img9/1931/daedric1.jpg, http://img806.imageshack.us/img806/7113/mgescreenshot96.jpg, http://img849.imageshack.us/img849/1224/mgescreenshot92.jpg, http://img33.imageshack.us/img33/6039/mgescreenshot85.jpg, http://img7.imageshack.us/img7/764/mgescreenshot78.jpg
Here's a list of things TES3 fully modded does better than vanilla Skyrim...
-Higher resolution textures
-Better shadows
-Better, less finicky and more realistic HDR w/ eye adaption
-Higher quality, less overstated bloom
-Support for high quality SSAO
-Support for sunray ''sunglare' shader
-Support for high quality circle bokeh depth of field
-Much better looking distant LOD (technical)
-Grass reacts to the player as they move through it
-Higher quality fogging
-More photorealistic water, including...
--Better depth based water rendering
--Light caustics projected onto sea floor
--3D water waves (the water isn't 'flat')
--Weather based water states
--Better underwater shader/effects
To be fair, here are the things Skyrim does better than fully modded Morrowind:
-Parallax maps
-Reflect maps
-More impressive looking distant LOD
-Higher poly everything (with a few outliers on both sides)
-Nicer looking NPCs, including heads/bodies
-Animation smoothing
-Smoother lighting
-Nicer sky box by far
That's everything I can think of off the top of my head, anyway. Could probably add plenty of things to both lists.