Yes, that's cool. It's a good summary. Thanks!
By the way, if you edit the water material directly, and enter in the function editor, you'll see you have much more control over various aspects of the water. Not all aspects are controllable via the water editor itself. For example, foam. In the water editor you can control only 4 parameters but in the function editor there's more.

Another thing, that might interest whoever likes to play with water in Vue, like me. :-)
I was playing with the water editor the other day as well (I used it in my latest image) and in the process I found what seems to be another bug of Vue 7, this time in the water material. I reported it to e-on but still have no feedback.

In fact, the bug is not only for water but it applies to all transparent materials. There's a slider "turn reflective with angle" that adjusts how reflective water is (or other transparent materials). A good use of this slider is very important to achieve a good balance between transparency and reflection. In nature, not all water is very reflective and it also depends on the light conditions, etc. In Vue6, as you slided down the slider to the left, the water decreased the reflection, until it was zero reflective at zero percent. Of course at zero this wouldn't look like water anymore but values of 10% or so look very realistic in many situations (I used it in many images).

But in Vue7, this slider is not very effective. You can move it all the way to zero and the water still reflects. There's very little difference between 40 and 10, for example. That's really bad, IMO. I hope e-on fixes this very quickly.