S!
Heliocon, add to that "video water" the long rendering range of CoD, AI calculations, FSAA/MSAA, high resolution, FM/DM computing, a whole lotta objects(planes/vehicles/ships), clouds and lighting/fire/smoke effects = you would get unplayable crap. IMO just a show case of PhysX, nothing more.
What I've seen in the first leaked video and later ones of IL-2:CoD is more than enough of water modelling for a flight sim. DirectX 11 is more than just one trick of tessellation
People just seem to want eye candy all over the place. Well done graphics that do their job is IMO far better than overdone graphics. Sure a dev can hide the flaws behind a wall of "ooh aaah graphics" but the crap is still there