Yeah I would like the waves and foam! Although I don't think the particles will be added. I reported a bug a while back about particles with water and Josh said this wouldn't be added as another render pass would need to be created each frame, causing a slow down.
http://www.leadwerks.com/werkspace/tracker/issue-13-wierd-bug-with-water-and-emitters/
I just did a quick test using a decal underwater though, and this works. Could we not just use an animated texture on a plane to get the same particle effect? Probably wouldn't look as good, but the underwater distortion could hide any bad results!