Morrowind & GF4
Morrowind Summit has posted three new screenshots showing off the water effect in the upcoming Morrowind RPG. The GeForce 4 was used for the water, though since there is no comparison shot its hard to say what the GeForce 4 actually does.
From The Chatty
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Morrowind related: Interview with some Morrowind guys by Jeff K!
http://www.somethingawful.com/jeffk/