Works ok here. Give it a "cubemap size" of 200 and try that.
Hmmm, 200 works, along with every other number I'd previously tried. Looks like he's tried to fix it on the sly, without anybody noticing its a different demo. ;)Its still a far cry from the original screenshot that was posted. At least the water reflection is aligned properly now and the controls are better.
The water effect on the walls is too... what's the word... 'obvious'? Needs to be way more subtle than that. It reminds me of a level from Alien vs Predator (this is NOT as good as it sounds!), I think it was the alien ship level - the one where you couldn't see where the hell you were going because of stupid crazy textures everywhere.
Also, every second or so, it seems to be rendering blank walls for one single frame.
Another problem - if you stand at the bottom of the steps looking towards the diving board, you'll see that the board isn't flat - its angled at about 15 degrees and goes through the steps.