Just look at how they make computer movie imagery and you'll understand that the 3D technology we're using for realtime is no where near that. There is such a long way to go. Shaders are used in raytracing, you can have crappy water in any rendering method. Labelling raytracing unrealistic imagery is extremely backwards thinking and is in itself biased from the point where a lot of people didn't do enough research into the subject to actually discredit that belief.
http://www.imagico.de/pov/gallery.html
http://www.shipbrook.com/jeff/raytrace/index.html
http://en.wikipedia.org/wiki/Image:Glasses_800_edit.png
http://www.ignorancia.org/en/index.php?page=Raining
http://hof.povray.org/
http://www.imagico.de/pov/gallery.html
http://www.shipbrook.com/jeff/raytrace/index.html
http://en.wikipedia.org/wiki/Image:Glasses_800_edit.png
http://www.ignorancia.org/en/index.php?page=Raining
http://hof.povray.org/