I didn't watch the original Alive Waters video so I can't comment in comparison, but the new one does look good and shows what it needs to prove that Oblivion with Alive Waters is better than without Alive Waters. A serious let-down though is the high compression on the video - whether from Fraps, or your adjustments before uploading, or youTube after uploading, it's quite blocky and spoils the image throughout. I'm sure the compression is higher than your previous videos, as I don't recall noticing it before. I know though that this is a common problem with youTube videos!
I'm really not sure why it happened, but yes, I see what you mean. That's very irritating, because I created the video the same way as the others. Not really sure whether attempting a re-upload would help. If anybody knows anything more about YouTube compression, please let me know.
@Peter ID: Probably the same issue as what was just described. I already use a mod to make the water clearer, which I've discussed in detail on my blog.
EDIT: I re-exported my video from the project file in the highest quality format possible and re-uploaded it to YouTube. If it makes a difference, let me know and I'll replace the original and do the same for all my future posts. You can watch the new version here: http://www.youtube.com/watch?v=EZrwHYhy0jM