Expendable Screen Captures
Here we have a great example of what water can look like. You can see a nice light source reflecting off the surface along with ripples splashing around. The only flaw that I found annoying was that the same effort wasn't put into the actual ground near the water (notice the light on the water isn't hitting the shore) but that's not Matrox's fault. Hopefully game developers will keep this in mind when they decide to use hardware bump mapping so that the realistic look is preserved throughout the scene.
Matrox G400 MAX - without Bump Mapping
Matrox G400 MAX - with Environmental Bump Mapping