Water issue

[Alien]

I've had quite a long break and now I returned to the Il-2 world. But I've got an issue with water. At first, when I launched the game, it was like 2 FPS, so I switched some graphics options lower, and then gradually back higher. Now I've got everything except the clouds maxed out and it runs smoothly, but the water is only 2D. I've changed the conf.ini entry to water=2 (my card's an AMD 6950), with no result. Then I thought maybe water=4 would work, but neither this worked. Have I done something wrong? How can I get the good old water back?