Well I was just wondering if the water would look like this?

http://www.dynamic-realities.com/NatureFX2/tour/large/render1.jpg

Or like this?

http://liamdaly.com/Images/TalkingSquares/Blue-Sky.jpg

Or will it be like x3 FC IP water cause that water looks pretty good.

Well as with some games...how the water looks depends on what kind of system you running. On PCs you sometimes have the option levels butfor consoles...bot so much.

Watch this video at 1:20 you see the stream and the waterfall.
Not great image quality but better then nothing
http://www.youtube.com/watch?v=tU7lyFmgeFg

In the recent dunia engine trailer, which can be found here (warning HD video) you can see the water briefly at 00:43, it looks okay, i would say only half-life 2 quality by the look of it there, it reflects all objects in the world, but not that impressive water effects like in Crysis. Although maybe that is just a placeholder for until they have made the real water shader.