For me with my specs the water (ocean is the only I have checked) bounces up and down when at low altitudes. Like some parts of the wave animation is played at a higher alt than the rest. It looks really weird....
Also noticed Oil and fuel leaks are back, but no dynamic hit decals. I really miss those
BTW Tracers are great now. They can be seen from a distance and look the part! Very realistic from cockpit view I'd say!