[mkilling]

Are there any more modern real-time water effects out there/being researched? This basic effect has been around for a while now.

[SXX]

As far as I aware best available for real-time is NVIDIA FleX:

https://www.youtube.com/watch?v=pfonMfP__Ks

In open source field there is Mantaflow that available in Blender, but it's of course not solution for real-time.

[tyingq]

Not much newer, but I like the in-depth slides that cover how it was done:

The effect: https://29a.ch/sandbox/2012/terrain/

The slides that explain: https://29a.ch/slides/2012/webglwater/

[dharma1]

yes, this is pretty cool.

https://www.youtube.com/watch?v=55rsJI11FOA

http://physicsforests.com/

[tehsauce]

Look at david.li webgl demos