It looks so much better than before. I wasn't expecting much of a change at all. I was shocked.
Some pics from my wood elf hunter, first is in the ocean east of Solitude, second is a skinnydip in the lake near Riften... (but nothing risque)
http://cloud.steampowered.com/ugc/594715184620299110/59BB2BB4A23FC18FA63BD564067DED6DB1E25D09/
http://cloud.steampowered.com/ugc/594715184620417299/5EC8308D55056ADB298D8477906D37E43955FBC0/
Definitely murkier than before, but you can still see well enough to get around.