More mushrooms. More turbid water effects where the water falls down to a lower level. I mean, where that lowest fall is pouring into the pool there's nothing. Editor wise this is due to the fall being too low, but if you raise it too high to get the bottom-most wave effects then it looks stupid, like it's falling out of the air. Try shrinking the z height of the fall to the smallest value (50?).
Dunno'. Looks pretty good! Might look better if you forego the cliffs and use smooth terrain.
Care.
Oh, and I voted #2 for the record. :) | 
