Those squares on the water appeared to me as well, but I was modifying the colors of the water and that's why probably happened.I reset the color back to default and it was gone."It was gone" you couldn't see it with the naked eye very easy, but if you where looking closely and paying attention those squares where still there but not as much visible as they where.
Anyway maybe in the future we can see something like this from the OT water
or at least some crappy waves like this:
(it doesn't look so great because of the looped and copy+paste same repetitive exact size waves.. but at least some of those effects on ships or boats to have, or if we can control different types of waves on different zones)
Or more simple, let the users / designers to create the perfect waves by letting them to play with the 3D Vector coordinates.