I would like to hear from real life pilots that have flown low, over water quite a bit before I plus or minus this one.
I have not hit the water in AH3 since beta but it does make it much harder to engage a fighter low.  I have used the dark look to my advantage several times.  Recently on a lone flight, I was jumped by four reds over water.  I got two and sent two home smoking.  I am not that good but I do not fear hitting the water and that played to my advantage.  My point is that the water as it is, is not all bad.