http://www.youtube.com/watch?feature=player_detailpage&v=uvy5cxgmYZQ#t=67s.
I think we just need to accept that until they retire the engine, the graphics just aren't going to match up to other games in this genre.
Now, I don't mind that, though, because I don't think that any of the Elder Scrolls games were ever about graphics. And Obsidian's New Vegas was built upon the Gamebryo engine, too, along with Dragon Knight Saga. And those games were truly amazing. So the greatest graphics known to man aren't necessary. But all I'm saying is that we shouldn't be making a big deal out of Skyrim's water, because compared to Risen it's four or five years behind.
But looking at that clip ... so the water looks better ... meanwhile the flora and monsters look like their from 2002 themselves. The animations are wooden and I'd bet that like a bioware game most things cannot be interacted with. So keep the water if I gotta put up with all that.
And saying that no modern game should be outshined by a game from 2002 ... uhhh MGE last had an update when? That is not from 2002. So other than water and shadows (both of which are injected into morrowind via modern utilities) what about modded Morrowind blows Skyrim away?
Modded Skyrim will outshine modded Morrowind and Oblivion and likely Fallout as well. That is unless they bork the CK with too much STEAM.