Hmm I don't see anything special in there.
The banks won't be parallel, the width is interpolated between the nodes so that a general shape can be fitted. Banks won't be smooth and straight either; there is a transitional area where the road is blended with terrain, and if you put a water surface there the edge will be fractalish. I would not go for exact shapes as created in OSM for now - amount of data is much higher and since we are "inventing" detail below certain level anyway, it's unnecessary at the moment. Actually it's probably not the right approach anyway - for example short bays should be created as bays, a terrain modification with object placement. Requirements for maps (what OSM's are) are different from the requirements for 3D worlds so we can't go for 1:1 relation with OSM.
In fact I'm not sure to what extent the OSM data could be used here, for that matter.