The old manual bomb sight calibration needs a fixed point to calibrate, so moving waves from 10k doesn't make sense. Besides, how often do you watch an individual wave track across the surface of the ocean. I think this should be handled with the water texture, and above a certain distance you shouldn't see movement IMO, and frame rates should benefit with that setup as well. We'll just have to wait and see what htc does.
Have you ever tried IL2? It's a great example how the sea looks realistic even at high altitude. The sea shouldn't
move in small looped pattern like it does now, it should have waves. Waves that AFAIK can be created simply by moving a couple texture layers in relation to eachothers -> low performance hit. The current implementation looks like a busy ants nest from higher above instead of a sea. If you look at the sea from high altitude you notice that the sea appears almost motionless - but it does have texture. Large waves that almost can't be seen on sea level.
Notice how smaller ripples are combined with large waves. The large ones can be seen at very high altitude and stop making the sea level look a flat mat of pixels.