For one of their actual projects, CA Scanline is developing a lot of tools for the simulation and rendering of all kinds of water effects. The whole production pipeline of their actual project is based on Implicit Surfaces and Volumetrics. Here are some of their results.
http://www.chaosgroup.com/news/20040604-01.html
http://www.chaosgroup.com/news/20040604-01.html
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