I've been tootling away at reflections for a while, getting a feel for the scene management overheads for various approaches. Been a wee bit ill recently, but this is where I was up to: Transparent water reflecting and distorting scenery and actors / actor reflection cliping / no cubemaps...

EDIT: Re the sub, is there a link to a version of the model that hasn't been cut in half? That's cheating, that is. ;)

EDIT: Re the sub, is there a link to a version of the model that hasn't been cut in half? That's cheating, that is. ;)