I think it's a good render, though I agree about the water, it doe not look too good. But at least, TG2 has transparency! The cave work is really outstanding imho, but I think the lighting isn't too good.
One thing is for sure, if you have to wait for 17 days to create  a render that has so-so water, and bad lighting, Planetside has a lot to worry about their future.
But as Bobby said, it is still a tech preview, and the (3 or 4 only!) guys at Planetside are dedicated to their program, and I'm sure they'll come up with a good app to work with in the future. Problem is their beta should've been out for months, they are at least 3 years late now for TG2, and their program may well be outdated the day is finally out. Something I'd hate to see, because they invested so much in TG2, and are basically top top guys and they've had so much to overcome to get this Tech preview out.