I guess this water update shall really be that awesome if we're waiting this long. I'm painfully itching to claim a nice largish island and to see if we get boats or not to take advantage of this water update and the water.
Knowing Red, he probably has a lot of other stuff bundled in with the water update. I remember how huge the biomes update was supposed to be originally but Red ended up splitting out the re-texturing and additional trees so we had something to try out. I also remember him mentioning he took a detour to work on the new character designs (probably to work out swimming animations would be my guess) so yeah. This is going to be a big update for sure. And once its out, I'm going to start over and look for a nice beach or island to settle on.