Thanks very much for providing this branch!
We just started looking into different water techniques and it looks great! We will try to join our physics buoyancy that we use in our game right now with this.
One question: I built your engine branch and tested the project on my laptop and get like >20ms worth of draw calls. Is this normal? It is just a i5-4200M 2.5GHz though. What do you get on your processor? Is the Waveworks implementation that draw call heavy?
Did you follow up with your game?