Bethesda could've included shaders like this but anyway mods are going to implement it eventually.
Some preview of MGE(note that it doesn't have texture overhauls so water looks kind of plain).
http://www.youtube.com/watch?feature=iv&annotation_id=annotation_723879&hd=1&src_vid=9NX-MvnYUEs&v=uhuHaNX93_s
What are your thoughts?

