Real water effects can be done. In the flight sim "Rise of Flight" if you land on water successfully, your plane will slowly sink below the water until it disappears.
At high res settings, their water looks like real water with small waves from the wind. The water does look good in Aces High......no complaint there.
The wake coming off the carrier, support ships, and the PT Boat all look really good.
Another nice feature (as previously mentioned in this thread)........ if the terrains had some rivers near enemy bases so that the PT Boats could get closer for some machine gun action and shoot
those motorcycles with the side car and machine gun

Add depth charges to the PT Boats while your at it. There are no subs yet, but when there are........The PT Boats will be ready!

Mano