Actually, I think the water is WAY better in the newer picture (top one). When flying, you don't see much reflections on the water, especially not over oceans (and definately not over the Ärmelkanal, been over it quite a few times now)
Only thing which you actually do see over water is the "glittering" of the sun - which is captured fairly good in CoD, in my opinion. I do agree though, that the waves could be a bit smaller...
